Dec 9, 2004

Tennis Match

The bonds are going the other way with selling following today's auction. It is really a game being played on a very high level I think as the bond selling which started around noon has just transferred into the dollar knocking it down against the other majors.

Stocks are amazingly sanquine as this game in interest rates and currencies seems pretty evenly contested and the outcome will have sweeping implications for equities.

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