Sheep Shearing

[Doug Henwood]

Here's a possibility for all you fans of sheep-shearing - the rise in
long-term U.S. interest rates, which bottomed out around 5.10% last October
(according to the Fed's long-term government bond composite), and are now
up over 5.80%. Not earth-shattering, but it means both pressure on the
stock market and maybe pressure on the Fed to stop talking New Paradigm and
start thinking about tightening.

But I don't think you'll see a wholesale shearing until the Fed turns
hostile, whenever that may be.

Doug