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Anyone with Access to the WSJ Online?
Posted on 5/17/13 at 3:39 am
Posted on 5/17/13 at 3:39 am
Does anyone here have access to the online version of the Wall Street Journal? I'm trying to get a full copy of Jon Hilsnerath's cover article entitled "Fed Maps Exit From Stimulus". (May 10).
I found this which just adds interest. Quoting Mike O'Rourke of Jones Trading's "Closing Print":
"We view “unpredictable market expectations” as a sign that the FOMC has been trying to foreshadow policy in one direction and the market is interpreting it in another direction."
And from Mark Dow:
"it is important to underscore that it is the indirect psychological effects from Fed support and the low cost of capital—not the popularly imagined injection of Fed liquidity into stock markets—that have gotten investors to mobilize their idle cash from money market accounts, increase margin, and take financial risk. It is our money, not the Fed’s, that’s driving this rally.
[...] this concept has huge implications for the phase where the Fed decides to remove the training wheels. If the Fed money is not directly propping up the stock market and the economy underneath has been healing, the much talked about wedge between “Fed-induced valuations” and “the fundamentals” is likely considerably smaller than the consensus seems to think. It’s less “artificial”. In short, what all this means is the day the Fed lets up off the gas might give us a blip, or maybe that long-awaited correction, but ultimately the Policy Bears will end up getting crushed, again."
Hilsnerath's article has made a lot of news over the last week so if anyone has a copy, please post it here. Many TIA.
I found this which just adds interest. Quoting Mike O'Rourke of Jones Trading's "Closing Print":
"We view “unpredictable market expectations” as a sign that the FOMC has been trying to foreshadow policy in one direction and the market is interpreting it in another direction."
And from Mark Dow:
"it is important to underscore that it is the indirect psychological effects from Fed support and the low cost of capital—not the popularly imagined injection of Fed liquidity into stock markets—that have gotten investors to mobilize their idle cash from money market accounts, increase margin, and take financial risk. It is our money, not the Fed’s, that’s driving this rally.
[...] this concept has huge implications for the phase where the Fed decides to remove the training wheels. If the Fed money is not directly propping up the stock market and the economy underneath has been healing, the much talked about wedge between “Fed-induced valuations” and “the fundamentals” is likely considerably smaller than the consensus seems to think. It’s less “artificial”. In short, what all this means is the day the Fed lets up off the gas might give us a blip, or maybe that long-awaited correction, but ultimately the Policy Bears will end up getting crushed, again."
Hilsnerath's article has made a lot of news over the last week so if anyone has a copy, please post it here. Many TIA.
Posted on 5/17/13 at 6:16 am to Coeur du Tigre
You can Google the article title and then click on the first link. That is usually how I can get the entire article with out online access.
Posted on 5/17/13 at 10:05 am to Coeur du Tigre
I have it but I'm not allowed to post the article. What specifically are you looking for?
Posted on 5/17/13 at 10:15 am to Coeur du Tigre
My take away is,
The Fed is conscerened with investors trying to get ahead of the expected rollback of bond buying. The attempt at being unpredictable is to avoid a sudden drop in the market from a set in stone strategy.
The article describes this strategy has alredy be agreed upon, but the time to implement is being discussed. The 3rd and 4th quarters are mentioned, but Fisher out of Dallas suggests starting now.
The Fed is conscerened with investors trying to get ahead of the expected rollback of bond buying. The attempt at being unpredictable is to avoid a sudden drop in the market from a set in stone strategy.
The article describes this strategy has alredy be agreed upon, but the time to implement is being discussed. The 3rd and 4th quarters are mentioned, but Fisher out of Dallas suggests starting now.
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