Alan Ruskin Market Quotations

We have a peculiar situation in which the shoppers seem to feel there is plenty to be cheerful about but the bond market is much more cautious.

While the data is clearly dollar positive, I would expect that the market will quickly shift back to the attention it is giving to Fed policy.

These minutes have caught the market somewhat off-guard,

It's been such an erratic number of late that it's pretty tough for the market to trade on it,

There's talk Bush might actually eventually move towards drawing in someone from Wall Street, which the market might quite like really.

There was always going to be some shock value when the Fed changed 'the considerable period' statement, but we had always felt that the change would come when it was fairly obvious that it should, and when the Fed had softened the blow, by alerting the market to such a change, ... As it was, there was no such warning, and the sharp market reaction is testimony to just how far it caught asset markets 'off-side.'

Once again soft data appears to be generating more reaction in the bond market than strong data -- consistent with the bullish undertone.

The labor market has not accelerated to the extent one might expect, judging from past cycles, and we probably won't see evidence of it again in the December numbers.

The Fed Chairman would be very happy if the bond market did some of the tightening for him,

The market feels that there's probably three months to play with before the risk of any meaningful tightening takes place. That's been comforting for those who are dollar bullish.

The market will focus the most on this deflator number, and it is worth 1/32nd or 2/32nds (in price fall) on the back end of the curve.