Word: short-term
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...short-term takeaway is that those who were too bearish because they feared the mighty Fed got faked out again. Sure, the Fed must stomp on the brakes periodically. But remember, the Fed always favors prosperity long term--how could it not? By removing the bias, Greenspan has removed the speed bumps, and if you waited until the all clear was sounded, you missed a true romp in the averages...
Thank you, Mr. Greenspan ?- may we go now? Right on time at 2:20 p.m. Wednesday, the Federal Reserve released Wall Street from months of suspense. It raised short-term interest rates by one quarter point and returned its "bias" to neutral ?- and gave little sign of what it planned to do at its next meeting on August 24. TIME senior economics reporter Bernard Baumohl says that?s because Greenspan himself doesn?t know. "If the economy starts to slow down ?- and there are scattered indications that it?s beginning to ?- chances are he won?t raise again," he says...
...hasn't the Fed officially warned that it has a "bias" toward making money and credit tighter? Yes, allows the board, but the Fed may already have accomplished as much tightening as necessary--or maybe more--by subtle measures. True, it may kick up the "Fed funds" (very short-term) interest rate it controls by a modest quarter percentage point at its rate-setting meeting at the end of June--"just to prove it can do it, for practice," in Farrell's words. But such a move has been so widely expected, and discounted, that board members think...
...they found a blazing file cabinet and two fireplaces stuffed with burning documents ?- and no Frankel. The unlicensed broker had lit out of town with anywhere from $218 million to $915 million in his clients? money, most of it from small insurance firms from Oklahoma to Arkansas. Short-Term Capital Management? Try insurance fraud ?- and now the New York Daily News reports that six weeks later, authorities have finally come to the same conclusion and issued a warrant Tuesday for Frankel?s arrest...
...fund industry is praying that the online trading boom and focus on just a few stocks (America Online, Amazon, eBay, Yahoo, Cisco) is a short-term phenomenon, the sign of a cyclical market that has got out of hand, rather than a fundamental, long-term shift. "It's based on a false sense of empowerment," claims funds watcher Avi Nachmany of Strategic Insight. Once the narrow bull market calms down, or broadens to include harder-to-choose value and small-cap stocks (as it appears to have done of late), Nachmany and others argue, investors will rush back...