Word: highers
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Dates: during 1990-1999
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...that was originally given to benefit a different Radcliffe. The Radcliffe endowment has now reached $200 million-peanuts next to Harvard's $10 billion but pretty healthy for a non-college. Radcliffe has a bigger endowment than two-thirds of U.S. colleges and universities, according to the Chronicle of Higher Education...
...looking for logic there. All you'll find is a bunch of paranoid bond traders with more worries than a Woody Allen character. It is these traders who have decided that the prices you pay for gas, Wheaties and SUVs are about to start shooting higher, and so they are selling bonds--driving up bond yields--in what amounts to a demand that they get paid more while inflation rages...
...doesn't take a wing-tipped M.B.A. to spot the flaw here--much of the world is in or near recession, demand for personal computers is slowing, so are corporate profits. Amid that sluggishness, the Labor Department said Friday that unemployment inched higher in February--to 4.4%, from 4.3% the previous month. And the prices of raw materials like oil and copper, on average, are at their lowest in decades. This is not the stuff of sudden price hikes in consumer items. "It's beyond me how anyone can be worried about inflation," economist Allen Sinai at Primark Decision Economics...
Employment and consumer confidence remain robust, and the economy should turn in a solid year of 2.5% to 3.5% growth, Sinai notes. As we've been hearing (but not seeing) for much of the '90s, sustained growth leads to rising wages, which lead to higher prices and, ultimately, higher interest rates. For the umpteenth time, bond traders say we have reached the point at which all that nastiness commences. But they're really just reading tea leaves, projecting what is famously difficult to project. For inflation to take off, Japan and the rest of Asia will have to wake from...
...view this skittishness as merely the latest pendulum swing in Wall Street's obsession with inflation. It will swing the other way soon enough. In fact, the T-bond yield fell to 5.59% Friday. Still, we have to live with bond traders' anxieties, and for now that means higher mortgage and other rates...