by Benjamin J. Butler
Markets around the world have staged a predictable rally. Personally I don’t think that this will last: we are in a bear market for most risk assets including stocks. Hilsenrath’s comments in the Wall St Journal today suggesting that the Fed will probably not raise rates in March is absolutely no surprise to us.
Eric Rosengren, president of the Federal Reserve Bank of Boston is quoted in the article as saying “a more gradual approach is an appropriate response to headwinds from abroad that slow exports, and financial volatility that raises the cost of funds to many firms.”