Bill Sullivan
Bill Sullivan
driving factors higher key prices thin
These (the Nasdaq and oil) are the key factors driving prices higher in a very thin environment.
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This is a very fragile recovery process. It's been reliant on these low borrowing costs. If we remove them, we effectively deny the economy its support.
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It may be just a coincidence, ... but all recessions since the 1970s have been associated with higher energy costs.
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At the same time, the demand for many commodities is weakening here as global growth begins to moderate.
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The lack of such short-term borrowing thus far in the current cycle seemingly contradicts the notion that a brisk expansion is under way.
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The friendly data such as the decline in the NAPM non-manufacturing added support,
continued employment fed investors negative originally policy reaction realizing
This is a continued negative reaction to Friday's employment report. More investors are realizing the Fed may tighten policy more aggressively than originally thought.
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The markets pretty well anticipated the context of President Bush's proposals. The euphoria is over and now the cold reality of Washington politics will dominate.
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The market is trading very defensively. That is putting downward pressure on bond prices.
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And she listens better. We also have a very high level of love and respect for each other.
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All of a sudden the supply challenge will be taking a quantum leap.
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The dominant influence (in the bond market) is the weakness in the Nasdaq.
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The lesson of the last half decade is the need to manage risk. In my judgment, the investing public is a lot more amenable to owning fixed-income securities now than at any time in the last 15 or 20 years.
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It is no coincidence that households found it more difficult to maintain current payment schedules just as the volume of refinancing activity began to dry up as the second half of the calendar year got underway,