Word: greenspans
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Dates: during 1990-1999
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...came charging out of the gate to steam up more than 130 points, and after a midafternoon lull sprinted through the tape at 199.15 ? well into record territory. And all this on the eve of a rate hike? Welcome to the "discount" rally. "It?s not so much whether Greenspan raises rates or not, it?s how sure they are that they know what he?s going to do," says TIME senior economics reporter Bernard Baumohl. "Right now they?re sure ? they?ve discounted for the rate hike over the past few sessions, and today the rally...
Moved PermanentlyMoved PermanentlyFortune Investor DataBut that doesn?t necessarily mean that confidence will still be there at 2:15 p.m. (ET) Tuesday, when The Great Greenspan clears his throat. "There?s always that bit of uncertainty as the day draws near," Baumohl says. Come noon, along with the profit-taking from Monday to contend with, there?ll be plenty of investors who don?t feel quite as smart as they did the day before. No hike? Twice the hike? Rally? Sell-off? Stay out of it until Greenspan?s gospel (2:15 p.m.) is fully digested. For the record...
...report that the Consumer Price Index had risen a reasonable 0.3 percent in July (and an even more reasonable 0.2 percent excluding volatile food and energy prices). The morning news sparked a comfortable little rally based on a comfortable little assumption: When the Fed meets on August 24, Alan Greenspan will nudge up interest rates by a quarter point, and just a quarter point. "If you look at the general slope of the numbers, it?s apparent that inflation pressures are picking up a little," says TIME senior economics reporter Bernard Baumohl. "It?s not out of control...
Moved PermanentlyMoved PermanentlyFortune Investor DataAnd for the ever-cautious Greenspan, the slow-news dog days of August are the perfect time to put rate worries to bed for the year. "First of all, he?ll want to make sure there?s enough liquidity in the money supply to deal with any Y2K disruptions," says Baumohl. "And he knows that as the political campaigns heat up, there?s going to be debate about the economy. He doesn?t want to be part of that rhetoric." Which could be rough on Steve Forbes. But Al Gore will be thankful for a domestic...
...spent the next 90 minutes debating how to save George W. Bush from his own party. Not that any of the economists--all good Republicans--put it that way. But with the G.O.P. in Congress engaged in a tax-cutting frenzy that has perturbed even the imperturbable Alan Greenspan, the pressure on Bush's team of number-crunching advisers to devise an economic plan for the presidential front runner has intensified. Their task: to satisfy the Republican Party faithful's lust for tax cuts while making good on Bush's promise to be a "compassionate conservative." That means a plan...