Bond Outlook [by bridport & cie, February 13th 2008]
Which is the worse news for the financial markets: William Poole’s assurance that the USA will not go into recession or Warren Buffett’s offer to take over municipal bond insurance? |
The first is easier to deal with. This is the same member of the Fed who gave us his assurance back in July that the impact of the sub-prime problem was limited to the housing market. Take his pronouncements for what they are worth! |
The second is more subtle, but we still judge it to be rather disquieting, for it raises the possibility that what we saw as unimaginable actually come about, viz., |
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