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March 13, 2005

A Closer Look at the Flow-of-Fund Data: More Scary Numbers from our Friends Abroad!
by Douglas R. Gillespie

Summary

A closer look at the latest Federal Reserve flow-of-funds data reveals some exceptional happenings during last year's fourth quarter, as well as for all of 2004. And it is quite possible these also represent the shadow of unpleasant market events being cast in advance of their arrival.

For those people wondering why open-market interest rates in the United States at the longer end of the yield curve have remained so subdued in the face of the growing inflationary pressures that are now unmistakable, these data provide at least a partial answer: http://www.gillespieresearch.com/cgi-bin/s/article/id=494.

Douglas R. Gillespie, Sr.
Gillespie Research Associates
165 Sheridan Avenue
HO-HO-KUS, NJ 07423
201-447-5743

Doug Gillespie oversees his own financial-market and economic consulting firm, Gillespie Research Associates. For a complimentary sample of Dougs material, e-mail him at drgillespiesr@aol.com.

Copyright © 2004-2005 Gillespie Research Associates. All rights reserved.

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