A couple of months ago, I highlighted the odd way the Fed has been flattening the yield curve and jawboning about increased inflation risks while, at the same time, adding liquidity through its permanent market operations. In hindsight, this dichotomy could be explained by the Refco implosion. I believe the Fed had a heads up that Refco was in trouble and began adding liquidity to keep the market from seizing up.
The only problem with that rational explanation is that the Fed has continued on a similar path of taking with one hand and giving with another. It continues to add liquidity through a significant number of permanent market operations (the red bars)…
Source:Bullandbearwise.com
….while at the same time threatening to invert the yield curve with continued rate hikes.
Perhaps in hindsight we’ll understand the reasons for the Fed adding so much liquidity but in near term it doesn’t make much sense. Once again the Fed appears to be talking tough but acting much more benign in the background. And that might be one of the reasons for the strong equity markets and the rally in gold.
I agree with your point, please share with us more good articles.
I really love to read this post and I am glad to find your distinguished way of writing the post.
This note is all about the role of military advice in the public debate over the Policies.Nice to read these all things.
A thousand-li journey is started by taking the first step.
Such a good writing, or by I saw for the first time. I’m quite happy, you are a good writer
i come here first time. You can share some of your article, I’m like you write something, really very good! I will continue to focus on
Your article swept me away with its vast information and great writing. Thank you for sharing your views with such passion. I like your views.
Thank your for sharing your wonderful article. I very agree with your views from here
Thank your for sharing your wonderful article. I very agree with your views from here
Your article swept me away with its vast information and great writing. Thank you for sharing your views with such passion. I like your views.
Nike Shox, fra de hotteste design og også den beste kvaliteten, tilgjengelig salg på lav pris. Perfekt for komfort, letthet og veldig ideelt for hvert arrangement. Som alle vet, er Shox sko faktisk teknologisk produkt av flaggskipet Nike sko. Nike Shox er vanligvis minimal hul innlegg som utgjør mellomsåle gjennom skoene.
Nike Shox R2 Kvinners sko – hvit blå Denne skoen er en av de mest suksessfulle serien i Nike Shox. Skoen var på en rekke farger og var også ansvarlig for ulike friluftsaktiviteter.
vores web-butik http://www.nikeshox.dk er en online Nike tilbud web. Vi sælger kun autentiske Nike sko, vigtigste pruduct er Shox Sko. Nike Shox er bedst sports sko, der beskytter din fod og knæ. Vores løfte er lav pris, høj qulity, hurtig levering og sikkerhed betaling.
Nye Nike Shox sko til dame 2011 NZ 2.0 – Hvid Lilla
Nike Shox NZ kommer med enkle, men flotte design er et af de centrale punkter i dens succes. Virkningen modstand fra shox hælen giver den bedste beskyttelse til løberen. Nike Shox NZ sko er en mere stabil sko med bladfjeder at give den optimale effekt.
Giv dig usædvanlig behagelig følelse, er Nike Shox R4 menes at være den standard, sneakers, som tager dig til hurtig og polstrede rider mens indvirkning dæmpning muligt at foretage dig i en sikker og stabilitet fitness. Øverste er lavet af syntetisk blanding mesh for stor åndbarhed, mens mellemsål injiceres af Phylon med fleksible luft eneste enhed for let. Kommer med BRS 1000 carbon gummi ydersål, Nike Shox R4 løbesko er ekstremt holdbart at komme sammen med trækkraft. Køb første-satsen Nike shox sko nu, vil der være mere favørpris kun for dig.
MBT dame atletiske: Hold op med de bedste, uanset hvor du går med den helt nye MBT atletiske dame stil. Det kan prale med en ny kontureret hæl, der garanterer en perfekt pasform kombineret med et klassisk look, som er underspillet, stilfulde og skriger med atletiske evner. For alle, der søger en state-of-the-art performance mbt sko, that skiller sig ud med sine lyse og trendy farver, MBT atletiske Dame er det perfekte valg.
The variance about this boots may be the brief Bailey Switch boots, using its twin-faced sheepskin uppers as well as suede back heel pads. The actual boots could be put on upright or even collapsed right down to display the wool cuff. Shutting the actual double uppers is really a wood switch as well as flexible music group to help you rapidly hook them up to or even consider all of them away. These people are available in a few warm brand new colours such as jested red-colored, cobalt sheepskin as well as rim sheepskin. This particular boots can be purchased in the higher edition by having an 11-inch base, as well as within dark chocolate, saying, dark, heavy Ocean or even gray sheepskin.
Given that ugg arrived March 2010, low-cost jimmy choo have got produced a huge assertion on the list of traces regarding 5281 Kids Classic Boots UGG foreign. Together with freshly up to date authentic package deal around the encouraging, UGG provides a lot more big surprise and also favor to an individual inside the forth-coming The holiday season time of year 2011. a lot more infprmation inside cheapuggsformen. com.
The particular cold approach right away subsequent laundering or perhaps laundering full planet considerable Net, the particular hot pink uggs about Whirlpool laundering equipment
boots free shipping are usually the very best quality sheepskin boots, made of wool compacted snow boots, trustworthy, cozy and also secure, superior and also in depth, women are usually your best option, yet desire to palm away from boots online shop just like the women to choose any natural lamb made of wool UGG boots, in order that boots more durable, a lot more heat, and also help make the hip and legs a lot more gorgeous. I need to inform you which you in which 100 to be able to 2 hundred money to get well-known designs pelt compacted snow boots, buckskin adhere could be simply the particular made of wool, and even adhere artificial head of hair.
Sizing: The Classic Stripe knit http://www.webspawner.com/users/uggsbrookstallboo/index.html