WASHINGTON (AP) -- Sounding a gong couldn't have made it clearer.
Federal Reserve officials are putting out the word that further interest rate
cuts are unlikely.
Fed Governor Kevin Warsh ditched the central bank's cryptic word tangles and
actually waxed poetic. "Even if the economy were to weaken somewhat further, we
should be inclined to resist expected, reflexive calls to trot out the hammer
again," Warsh said, referring to the Fed's key interest rate.
Speaking more central-bankerly, the Fed's No. 2 official, Vice Chairman
Donald Kohn, said the current stance of interest-rate policy "appears to be
appropriately calibrated for now." Janet Yellen, president of the Federal
Reserve Bank of San Francisco, called the current level of rates "appropriate."
They are amplifying a signal sent by Chairman Ben Bernanke and his colleagues
last month that the Fed's most aggressive rate-cutting campaign in two decades
may be winding down -- finally. The cuts started in September and take months to
work their way through the economy.
That does not mean the economy, badly bruised by housing, credit and
financial woes, is out of the woods. The Fed, though, is hoping its powerful
doses of cuts, along with the government's relief plan of tax rebates and breaks
will help lift the economy in the second half of this year.
Zooming prices for energy and food and other commodity prices are raising
some concerns that inflation could take off. Further reductions in interest
rates would aggravate the situation.
In fact, the Fed's last rate reduction in late April was "a close call,"
according to recently released documents.
Many economists believe the Fed will hold its key rate steady at 2 percent, a
four-year-low, at its next meeting on June 24-25 and probably through much, if
not all, of 2008.
----- Original Message -----
Sent: Friday, May 23, 2008 11:01 AM
Subject: Re: [SPAM]Re: [SPAM][RT] near
top
just covered my short sp at
1380
and bought the 1415 calls
Ben
----- Original Message -----
Sent: Friday, May 23, 2008 10:56
AM
Subject: Re: [SPAM]Re: [SPAM][RT] near
top
There is an indicated possible reversal
forecast for 12:10 EST today. It will be interesting to see if that
marks the low of this down move which started on 5/19.
Jim White
Pivot Research & Trading
Co.
PivotTrader.com
----- Original Message -----
Sent: Wednesday, May 21, 2008 1:13
PM
Subject: [SPAM]Re: [SPAM][RT] near
top
The decline is about to end tomorrow or
Friday. Look for the DJIA to recover first.
Hope you all were able to profit from this
forecasted pivot.
Regards,
Jim White
Pivot Research & Trading
Co.
PivotTrader.com
----- Original Message -----
Sent: Thursday, May 15, 2008 10:24
AM
Subject: [SPAM][RT] near top
The markets are nearing a tradable high
pivot point The major indices share a Near Impulse date of 5/19. The
expected highs are:
S&P = 1425
DJIA = 13130
$RUT.x = 743
$COMPX already above 2505
Jim White
Pivot Research & Trading
Co.
PivotTrader.com
No virus found in this incoming message.
Checked by AVG.
Version: 7.5.524 / Virus Database: 269.24.0/1462 - Release Date:
5/23/2008 7:20 AM
No virus found in this incoming message.
Checked by AVG.
Version: 7.5.524 / Virus Database: 269.24.0/1460 - Release Date: 5/22/2008
7:06 AM