Greenspan calling the top in the bond market
- Bonds are a classic speculative market
- I don't think this is the peak in the short term, it can go on 'for quite awhile'
- Inflation is the key issue for the outlook of the bond market
- Sees 10-year yields rising to 3-5% in the longer term
- Don't see dissents as negative, shows Fed is debating
- In stocks, profit margins can't go down indefinitely
- Labor markets are getting tighter and tighter
He's said all this before (and he certainly isn't the only one). Larry Fink will be on Bllomberg shortly after the initial jobless claims report and he might offer a fresher take.
