Friday, September 09, 2005
FOMC Meeting Change
Looks like Fed Head Greenspan will be out on January 31, 2006. A just released statement from the FEd indicated that the two day FOMC meeting scheduled for Jan 31 and Feb 1 had been reduced to only Jan 31.
http://www.federalreserve.gov/BoardDocs/Press/monetary/2005/20050909/default.htm
Pressure will be on the Bush administration to find a replacement. But as I indicated earlier in the year (http://www.jubileeinitiative.org/BePrepared-CapitalAccountProblem1.htm ) this will cause angst in the market. This was reiterated with our May 26th blog entry.
Add the anxiety of a new Fed Head to higher oil prices, increased deficit spending due to Katrina, growing trade/budget deficits, a housing bubble about to burst and rate rises by the Fed and the stock market is heading lower....much lower....
Good Riddance To Greenspan!
http://www.federalreserve.gov/BoardDocs/Press/monetary/2005/20050909/default.htm
Pressure will be on the Bush administration to find a replacement. But as I indicated earlier in the year (http://www.jubileeinitiative.org/BePrepared-CapitalAccountProblem1.htm ) this will cause angst in the market. This was reiterated with our May 26th blog entry.
Add the anxiety of a new Fed Head to higher oil prices, increased deficit spending due to Katrina, growing trade/budget deficits, a housing bubble about to burst and rate rises by the Fed and the stock market is heading lower....much lower....
Good Riddance To Greenspan!
