September 3, 2010

Market Comments
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(commentary delayed 4 weeks)

Date   Headline
10/06/07 "Rapid and Disorderly" Rule is Guidepost on the Dollar
02/14/07 Bernanke Loosens Policy, Misses Opportunities
01/17/07 Beige Book Leans Toward Steady Fed in 1H 2007
06/01/06 While Hawkish, Fed Minutes Are Positive For Economy, Markets
Fed shows deference to the markets, vigilance
09/06/05 Economy Likely To Snap Back In Aftermath of Katrina
Repair of energy infrastructure key; notion of end to Fed hikes likely wrongheaded
08/09/05 Fed Statement Misses Key Debate Behind Scenes
Fed may soon discuss prospect of restrictive stance
07/28/05 10-Year May Reset Trading Range
If views on 4.25% fed-funds rate grow, players will seek to avoid negative carry
07/25/05 Ten Observations on China's yuan revaluation:
Impact on markets and the economy will be small, gradual
07/12/05 Bears Losing U.S. Budget as Wedge
Budget deficit falling sharply versus 2004 and consensus forecast
06/28/05 U.S. Budget Deficit Falling Sharply
Surge in tax receipts driving deficit well below expectations
05/05/05 Implications of 30-Year Redux
Treasury has multiple reasons for revising issuance
04/20/05 Large Gain In CPI Likely To Be Downplayed
Details of the report point reduce the significant of the gain
04/15/05 Return of the Soft Patch
Clear signs of slowing in the U.S. economy; likely to be brief
04/01/05 March Jobs Report Unlikely to Alter Inflation Picture
Job gain continuing at pace that helped spur inflation rise in first place
03/23/05 FOMC Statement Contains Signifance Changes
Fed shows strong intent to contain inflation gains
03/09/05 Bond Sell-Off Rooted In Greenspan's Semiannual Testimony
Break above 4.41% in 10-year has prompted additional weakness
02/16/05 Greenspan Likely To Prod Market Interest Rates Higher
Loose financial conditions make it likely the Chairman will discourage further Treasury rally
02/14/05 Yield Curve Signaling Scant Recession Odds
Yield spread between T-bills and 10-year notes suggest low recession odss
02/03/05 Labor Market Indicators Pointing To Further Gains In Job Market
Job growth accelerated last year and the acceleration is continuing
02/02/05 Fed Leaves Heavy Lifting To Greenspan
FOMC statement nearly identical to the December 14th statement
01/19/05 Seven Reasons Talk Of A Housing Bubble Is Bunk
Prices are elevated, but systemic risks seem small
01/07/05 Jobs Data Points To Solid Economic Growth In 2005
Latest report hits "sweet spot" for stock and bond markets
12/22/04 Dollar's Decline Set to Slow or Halt in 2005
Stabilization of deficits key. Repatriation law helps:
12/08/04 Data Show Consumers Easily Paying Their Debts
Concerns about overly burdened consumer are excessive
12/02/04 Treasuries at Critical Juncture
Yields seem likely to move higher, particularly if job gains continue apace
11/26/04 10 Reasons Holiday Spending Is Likely To Be Strong
Holiday spending likely to exceed 4%, boost economic outlook for 2005
11/18/04 Factors Behind Some of the Bond Market's Recent Strength
Strength in Treasuries belies recent inflation news, vigor in the economy; won't likely last
11/11/04 FOMC Statement Suggests More Rate Hikes En Route
Wording of statement indicates Fed believes policy is not yet neutral
11/09/04 Business Borrowing Is Turning Higher
Businesses are tapping C&I credit lines and issuing more commercial paper
11/05/04 Jobs Data, Election's End Will Awaken Economy's Animal Spirits
Economic prospects for 2005 look bright; income gains are accelerating and confidence set to rebound

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