Word: feds
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...markets started Tuesday in quicksand and kept sinking steadily during the Fed chairman's testimony before the Senate Banking Committee, and wound up with the Dow shedding 183 points and NASDAQ 29 points. But you'd sell, too, in Lucent was practically running out of employees after cutting 20,000 more jobs, selling $2.75 billion worth of assets to raise cash and embarking on yet another desperate restructuring, if Amazon.com suddenly looked even less like it would ever make money, if manufacturing outfits like Alcoa, 3M and International Paper served up another painful reminder that inventories were nowhere near gone...
...Things are still lousy:"The period of subpar economic performance? is not yet over, and we are not free of the risk that economic weakness will be greater than currently anticipated, and require further policy response. This was classic Fed lingo for "another rate cut in August." (This was also aimed at convincing inflation-fearing bond markets to bid down 10-year Treasury notes on the supposition that with the value of money expected to stay relatively strong down the road, a profit can still be turned with lower interest rates...
...week since Greenspan was in the House, the stock markets have been beaten to a pulp by a mixed-signals flood of corporate earnings that have left investors professing complete ignorance as when, exactly, things will pick up again. Long-term rates, however, took a dutiful dive after the Fed head's remarks and have mostly stayed there amid the stream of bad news from the equities side. Will he tinker with the message this time around? The overall sense he gave the House - things are pretty bad now, and may get worse, but are probably getting better - is expected...
...Fed chairman who needs to get a message out to the markets his way, in just the right proportions, a roomful of uncomprehending politicians is a good a place...
...That is a very stark message, given that export manufacturers are about the only thing that has fed Asia's economies for the past three years. If China takes this vital source of nourishment away, and Asian countries don't clean up their economies so that new industries in new sectors can develop, their only hope might be to wait for another speculative bubble. Anyone got a hot property...