This Is Becoming “An Agent Of Financial Recklessness”
KingWorldNews.com
November 12, 2013
On the heels of yesterday’s new all-time high closing on the Dow, and gold and silver continuing to slide lower, today KWN thought it would be interesting to share an absolutely brilliant piece from 50-year veteran Art Cashin. Cashin, who is Director of Floor Operations at UBS ($650 billion under management), warns about what is becoming “an agent of financial recklessness.” This is an important piece for KWN readers around the world.
By Art Cashin Director of Floor Operations at UBS
November 12 (King World News) – This Is Becoming “An Agent Of Financial Recklessness”
Art Cashin – The Fed Under Stress – Part I – Here’s a bit from our friend Peter Boockvar’s note this morning:
“The US Treasury market is not waiting until December 18th to see what the Fed will do, it is instead continuing its attempt to tighten policy for them. The process was interrupted on September 18th and somewhat in early October but has since resumed. The 10 yr note yield at 2.77% compares with 2.85% on September 17th and with the close of 2.69% the day after when the FOMC didn’t take what the market was giving them. This action begs the question that assuming we enter the December meeting with the exact circumstances we have today in terms of data and market levels, will the FOMC fool the market again or not? Either way, what we are witnessing AGAIN is the bond market reasserting its power over the long end of the curve notwithstanding all the money being spent by the Fed.
The Rest…HERE
