On Tue, 7 Aug 2007, Doug Henwood wrote:
> [this is more hawkish than I expected, though I don't know what the
> market thinks, to whose wisdom I would, of course, have to defer -
Very funny, that last line :o) But in all seriousness, hasn't it been front page news over the last week that the futures markets have been pricing in a near certainty of a rate cut before the end of the year, and the high probability of two (quarter-point) cuts? So what is more hawkish than you expect must be hugely more hawkish than they, the all-knowing markets, expected, no?
Michael