Word: bonds
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Dates: during 1990-1999
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...Board will not be satisfied with such modest rate hikes. In order to nip in the bud any renewal of inflation, the Fed will begin an aggressive tightening of credit and deliberately push interest rates much higher still. That will cause a chain reaction. It will knock stock and bond prices much lower, make consumer buying and business investment more difficult to finance, and maybe put a stop to what is about to become the longest economic expansion in U.S. history...
Relax. That won't happen. This specter is no more real than the many others that stock and bond traders torture themselves with every now and then, especially when times are good. In fact, inflation is likely to revive only slightly, if at all. The Fed may not tighten at all, and if it does, it will most likely be with a small, one-shot move that's already been discounted. Interest rates a year from now may well be lower than at present...
Joseph Battipaglia, chairman of investment policy at Gruntal & Co., a major brokerage company, predicts an actual decline in the rate of the 30-year Treasury bond to around 5.75% by year's end and possibly to 5.5% sometime in 2000. Barton Biggs, chairman of Morgan Stanley Dean Witter Investment Management, is generally the most pessimistic of the board members, but on this subject he goes Battipaglia one better. His prediction: "A year from now [the 30-year Treasury rate] will be in the area...
...borrowed Michael Caine's eyeglasses from The Ipcress File, Connery's thatchlike chest hair, the costumes from the Who's rock opera Quadrophenia and the grotty dentures he used in an SNL skit about sugar-filled British toothpaste. The supervillain, bald-pated Dr. Evil, was lifted from the Bond film You Only Live Twice, with Myers adding the pinky-sucking tic of his former SNL boss Lorne Michaels...
...Next spring there will be a prime-time HBO cartoon series. "We want this to be around for the next 10 to 20 years, ad infinitum," says Bob Friedman, the marketing co-chairman of New Line Cinema (which is owned by TIME's corporate parent, Time Warner). As James Bond might say, that's a pretty Moneypenny...