Word: bonds
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Dates: during 1990-1999
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...bond traders, that sounded like the crack of doom. They bid prices down so rapidly that the interest rate on long-term Treasury bonds rose to 7.1%, up 6.9% on the day and more than a point above the start of the year (bond prices and yields always move in opposite directions). Stock prices got dragged down too; the Dow Jones industrial average plunged 115 points, to a close...
...Bond buyers, to be sure, have special reason to be terrified of inflation. A bond that pays 6% interest may yield a comfortable return if prices are rising 2.5% a year, as they did in 1995. But the real return shrinks drastically if the inflation rate rises to, say, 4%. Bond investors, however, are not the only ones who fear that unemployment is getting so low as to force big wage increases that in turn will jack up prices...
Those who think it is too close are pinning their hopes on the Federal Reserve Board to cool the economy by raising interest rates more than bond traders already have. But the Fed at a meeting last week decided for the moment to do nothing. One reason: Chairman Alan Greenspan is not at all the antigrowth fanatic he has often been called. He is known to believe the key signals of inflationary danger are bottlenecks in the economy: shortages of labor or goods that drive up wages and prices. Apparently he sees no conclusive signs yet that such bottlenecks...
...Trainspotting team has three scions of earlier film generations. Jonny Lee Miller, who as Sick Boy obsesses over the career of Sean Connery, is the son of actor Bernard Lee--"M" in 11 Bond films. Producer Andrew MacDonald is the grandson of auteur Emeric Pressburger (The Red Shoes). And McGregor is the nephew of Denis Lawson, a deliciously droll, comic actor in Scottish movies (Local Hero) and West End musicals (Mr. Cinders). Young Ewan, the son of teachers, got the itch to act from Lawson. "I was brought up in Crieff, a small, conservative town," McGregor says...
DIED. ALBERT BROCCOLI, 87, producer of the James Bond film series; in Beverly Hills, California. From Dr. No to Goldeneye, Broccoli and his successors parlayed the 007 mix of adventure, sex and gadgetry into one of pop culture's biggest hits...