BBC News photoI think I'm required by law to comment on the Fed leaving rates steady earlier today, so here goes. No surprise to the market, although now it would come as a major jolt if they were to raise again at the next meeting, which - given the recent inflation data - is not out of the question. I find it interesting that the market lost ground today, especially given the way investors cheered previously at every turn when it looked as if the rate cycle was over. Finally they got the picture: rates were let stand today due to slow growth, and the prospect of even slower growth down the road. When the fed has enough confidence that the economy will slow to the point of restraining inflationary pressures, that is NOT a positive sign for growth in the near future. The market has recovered from their temporary memory loss in time to figure this one out. Cheers.
In other news, the Indianapolis Colts are the favorite to win the 2007 super bowl at 11/2 according to vegas.com. Really? New England owns them in the playoffs, they lose a superstar running back in Edgerrin James, and they're now the favorite? I wouldn't even pick them to succeed the Bills as the best team to choke every time it matters. At least Buffalo was getting to Super bowls consistently. I'll take the field. In the NFC, the Bears and Seahawks are both 11/1 - I have little doubt the Bears won't get there, but hopefully their fans believe otherwise. The Seahawks would be an attractive pick if they don't get any love and their odds drop a bit.
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