Search Results
Results 151–200
of 257 found.
Is China Serious about Currency Reform?
by Milton Ezrati of Lord Abbett,
Chinas central bank governor, Zhou Xiaochuan, made comments that drew less attention than they deserve. First, he suggested that market forces would play a bigger role in setting the value of Chinas currency, the yuan. He also mused that the yuan should rise further against the dollar and on foreign exchange markets generally. An announcement by the People's Bank of China relating to increased flexibility in the trading band of the currency would appear to confirm Zhou's intent. There is room for two responses to this new Chinese positioning, one cynical and the other much more positive.
The Fed Shifts Gears
by Milton Ezrati of Lord Abbett,
The Federal Reserve, while continuing to hint at future quantitative easing (QE), seems at last to have also felt a need to address the longer-term inflationary risks of such policies. Accordingly, Fed chairman Ben Bernanke unveiled a new approach to quantitative easing, what he calls "sterilized QE." It, he claims, would both support markets (and the economy) and at the same time guard against any longer-term inflationary consequences. Though there is good reason to harbor skepticism about the technique he has outlined, this recent change in tone does offer encouragement.
When Will Corporate Cash Flow?
by Milton Ezrati of Lord Abbett,
One of the great constants in this otherwise inconstant environment is the strength of corporate finances. Financial excesses and the need to de-leverage concern governments and households, not the corporate sector, which actually came out of the 200809 financial crisis and recession with its finances in good order, and has only strengthened them since. The question now is how and when companies will deploy these impressive financial resourceswhether on capital spending, hiring, or, especially, on the mergers and acquisitions (M&A) that typically proceed from strong corporate finances.
Economic Insights: Fear, Bank Lending, and Fed Frustrations
by Milton Ezrati of Lord Abbett,
The Fed recently released the results of its latest survey of senior bank officers. Like the economy, the bankers' attitudes were mixed. Things have improved over the past year. Bankers on balance have shown a greater willingness to extend credit. But still, they remain very cautious. Understandable after the losses of 200809, this lingering reluctance to lend offers yet another explanation as to why this economy's recovery has proceeded so slowly to date, and will likely continue to do so for some time to come. Still, there are tentative signs that the environment is easing.
Economic Insights: Bernanke's Drama Strikes a Chord
by Milton Ezrati of Lord Abbett,
The chairman has shown clearly that all policyboth fiscal and monetaryfaces quite a balancing act. The Fed, which has already done a great deal to support financial markets and the economic recovery, has reason already to worry over longer-term inflationary pressures. But it cannot remedy matters if the federal government fails to do its job of fiscal reform while protecting the economic recovery. Bernanke has made it clear that there are no easy answers, because all the pieces of the puzzleeconomic growth, inflation, monetary policy, and fiscal policydepend on each other.
Iran, Oil Prices, and the Economic Recovery
by Milton Ezrati of Lord Abbett,
With the situation highly unstable the hope is that the powers involved can reach a resolution without resorting to military action or even a standoff that prompts insurers to close down shipping. Should such a resolution develop, crude oil and gasoline prices would certainly drop from today's highs. Though they would not likely recapture the lows of late last year. Even if today's level of tension were to hold up current prices indefinitely, it would cause little further harm than it already has. But until some resolution is reached, risks for much higher prices remain significant.
EuropeAll Talk, Little Action
by Milton Ezrati of Lord Abbett,
Europes heads of state have done a lot of summiting and deal- making of late. Greece has voted for still more austerity. But on balance, the results have, again, disappointed. Though Europes monetary authorities have staved off Greek default, the more significant help for Europes sovereign debt troubles has come from the European Central Bank (ECB), which, at last, has begun to provide markets much needed liquidity. Otherwise, Europes leaders, though they have managed something, seem incapable of thinking broadly enough even to begin grappling with the continents underlying problems.
Economic Insights: The Presidents BudgetD.O.A., but Interesting Nonetheless
by Milton Ezrati of Lord Abbett,
Republicans promptly condemned Obama's fiscal 2013 budget. Since Republicans control the House, there is little chance that this budget, will pass into law before November. But if this proposed budget is DOA leaving little reason for investors to adjust their portfolios for it, the document can instruct on what it ultimately will take to address this nations deficit and debt problems. Two matters in particular become clear: 1) overall spending control demands entitlements reform and 2) tax hikes on the wealthy, whatever they mean to fairness, cannot fully answer the deficit question.
Economic Insights: The Presidents BudgetD.O.A., but Interesting Nonetheless
by Milton Ezrati of Lord Abbett,
President Barack Obama has released his fiscal 2013 budget. Republicans promptly condemned it as irresponsible and merely a campaign document. Since Republicans control the House of Representatives, there is little chance that this budget, or anything like it, will pass into law before the November elections. But if this proposed budget is dead on arrivalleaving little reason for investors to adjust their portfolios for itstill the document can instruct, especially on what it ultimately will take to address this nations deficit and debt problems.
Economic Insights: Housing Reality Check
by Milton Ezrati of Lord Abbett,
Good news on residential real estate has prompted a kind of enthusiasm about the sector's prospects. It is good to see closure on the legal matters surrounding foreclosures and some improvement in sales and construction activity. These signs do suggest that the worst on housing has very likely passed. But too much enthusiasm is misplaced. Much will prevent housing from acting as an economic growth engine for years to come. The economy will grow, and the urgency surrounding home values and mortgages will gradually lift, but the sector at best can offer the economy little more than neutrality.
Economic Insights: Around the World of Investing Opportunity
by Milton Ezrati of Lord Abbett,
Europe seemingly creates new financial and economic concerns daily, while in the United States, fiscal questions and election uncertainties trouble the outlook. Still more dangerous issues surround the military and diplomatic maneuvering in the Persian Gulf. And these are just a sample of the sources of investment concern. But even as all this prompts people to hide in cash and the usual safe havens, such as U.S. Treasury bonds, these investment choices pay such poor yields that presumed safety comes at tremendous cost. Investors, then, must consider riskier investments.
Around the World of Investing Opportunity
by Milton Ezrati of Lord Abbett,
Among those choices, credit-sensitive fixed-income instruments would seem to offer superior returns with reasonable security. Opportunities also present themselves in the equity markets. In the developed markets, North America seems to offer the best risk/reward balance. Though stock valuations are better in Europe and Japan, the former still needs to deal with its debt crisis and the likelihood of recession, while the latter faces the very fundamental matter of severely aging demographics as well as the immediate adverse impact of an expensive currency.
The Value in Fear
by Milton Ezrati of Lord Abbett,
It is hardly an insight to note that markets today are beset with fears. What is less widely acknowledged and critical to investment strategy, however, is that the level of anxiety has driven market segments to different extremes of valuation. On the one side, widespread fear has driven up the prices of the usual safe havens, such as U.S. Treasury bonds, gold, even the debt of other presumably stronger governments. On the other, the anxiety has severely held back relative pricing on equities and credit-sensitive bonds. This divergence presents potentially remarkable investment opportunities.
The ECB to the Rescue
by Milton Ezrati of Lord Abbett,
Though a good deal of concern over European downgrades has emerged, markets actually have received reason to anticipate relief in Europes financial crisis. The old risks and fears remain, of course, but the ECB has at least changed the equation, signaling that it had jettisoned its former hands-off policy and begun, at last, to support European financial markets. The remarkable nature of the change received only a few headlines, and even less commentary, but it deserved then and deserves now more attention. The ECBs help is crucial.
The Fed Plays with Fire
by Milton Ezrati of Lord Abbett,
The Federal Reserve recently announced plans to publicize its interest rate expectations. The new approach, according to the Fed, should give investors and businesses a more reliable basis on which to plan. The Fed argues further that people, acting on those plans, will enable monetary policy to have a prompter and more thorough impact on longer-term bond yields and on the overall economy. Reasonable as all this sounds, matters may not go quite as smoothly as the Fed seems to think. On the contrary, the new open approach could cause more harm and more confusion than the former secrecy did.
An Unhappy New Year in Europe
by Milton Ezrati of Lord Abbett,
Though the most intense pressure from Europes financial crisis will likely abate in the coming year, its lagged effects seem poised to put the continent into recession. Even if in the next few months the governments of the EU and the leadership of the ECB act with more resolve than they did last year, any favorable economic effect will take time to develop, leaving Europes economies to suffer in the interim. The most optimistic forecasts on Europe expect negligible growth. More pessimistic forecasters look for a 23% drop in the continents real GDP.
Employment Disappointment
by Milton Ezrati of Lord Abbett,
Employment gains of late have taken the edge off peoples worst recessionary fears, but they nonetheless remain fundamentally inadequatefar short of historical norms and the very human needs of the now-huge army of unemployed. In the coming year, continued economic growth should improve the situation, but only marginally. Employment will increase only slowly. By the end of 2012, still more than 8% of the work force likely will remain unemployed.
Europea Source of so Much Pain and Distortion
by Milton Ezrati of Lord Abbett,
The panic from the risk of default and the possible dismantling of the euro has gained the headlines and depressed most asset prices across the globe. The austerity measures, seemingly demanded by the situation and certainly by the EU and the ECB, have clearly set Europe on a recessionary path that threatens the pace of global growth. Europes problems have also distorted currency values across the world, creating problems in yet another way. These will linger even though the ECB seems to have overcome its former objections and has begun to provide the liquidity needed to quell market fears.
Debt, Default, and Delinquency
by Milton Ezrati of Lord Abbett,
This column looks at how the household and business sectors have lightened their debt burdens and how delinquency rates have improved as a result. The record is plain. As the 2008 crisis broke, the American private sector moved dramatically to reduce its dependence on debt. From mid-2008 to the quarter just ended, the household sector cut its overall debt burden by a cumulative $689 billion or about 5%. Mortgage debt, naturally, fell the most, in part because of foreclosures, but also because households voluntarily reduced their exposure.
The Volcker RuleAn Exercise in Confusion
by Milton Ezrati of Lord Abbett,
This past October, a group of four regulatory bodies jointly released draft proposals of the so-called Volcker Rule. Part of the Dodd-Frank financial reform legislation set to go into effect this coming July 2012, this rule would forbid banks any substantial interest in either hedge funds or private equity firms and also prohibit banks from doing any proprietary trading on their own account in securities of any kind. Apart from the legitimate concerns and arguments on both sides, the most threatening and dangerous aspect is the debilitating lack of clarity.
The Borrowing Has Finally Begun
by Milton Ezrati of Lord Abbett,
Since all the financial troubles began in 2008, the Fed has pumped massive amounts of liquidity into the economy: first to stem financial collapse, then to ameliorate the effects of the recession, and more recently to spur the all too sluggish recovery. For a long time, this liquidity remained bottled up in banks and other financial institutions, where it helped, but less than it otherwise might have. Now however liquidity seems to have begun to flow more generally, suggesting 1) that Fed policy is finally having its looked-for effect and 2) that in future, the economic climate will improve.
Five Reasons to Buy Equities
by Milton Ezrati of Lord Abbett,
Amid all the risks today, and given the spotty history of stocks during the last 10 years or so, it is easy to understand why both retail and institutional investors continue to avoid the U.S. equity market. But understandable as their reluctance is, there are at least five good reasons to consider equities now: 1) There is good value. 2) There will be no double-dip recession. 3) Europe should survive. 4) Washington will not implode. 5) Nobody is buying equities.
As the Spending Turns
by Milton Ezrati of Lord Abbett,
So far in this painfully slow economic recovery, the government sector has made a mixed contribution to economic growth. State and local governments have cut back and have slowed the pace of the economys overall advance. Though federal spending has added to growth, it has followed an erratic pattern that has no doubt eroded confidence. Now, going forward, state and local spending, though still far from a contributor to growth, will have less and less of a restraining influence over time, while federal spending seems poised to turn from supporting economic growth to restraining it.
The European Stutter Step
by Milton Ezrati of Lord Abbett,
Markets have shown a mixed response to Europes agreement on sovereign debt. On the positive side, Germany, France, European banks, and other members of the eurozone have shown more direction, control, cooperation, and concerted action than previously, and in so doing, have taken a step to avoid panic and what could easily have become a global financial meltdown. But still, Europe and, consequently, the rest of the world remain far from out of the woods. This latest step is inadequate. To get a grip on the crisis, the ECB will need to add its financial resources.
Fragile China
by Milton Ezrati of Lord Abbett,
There is a certain irony in this situation: Washington seems ready to start a trade war with China, while investors, for other reasons, worry over a crackup in this critical economy and crucial engine of global growth. And there is reason to worry about China. Inflationary pressures have grown, threatening to undermine that economys competitive edge, slow or stop the pace of economic growth, and jeopardize asset values. Chinas anti-inflation policies independently threaten economic growth prospects and also asset prices.
U.S.China Trade: More Than a Game of Chicken
by Milton Ezrati of Lord Abbett,
Now that the U.S. Senate has fired what might be the first salvo in a trade war with China, investors, already beset by a host of uncertainties, must consider anotherpossibly the most dangerous of all. If Congress can label China a currency manipulator, then tariffs aimed at China become likely, as does Chinese retaliation in a pattern that would hurt world trade, growth prospects in both countries, and asset values on both sides of the ocean and beyond. The Senates recent vote is still a ways from legislation, but the dangers here are so profound they demand a consideration.
Stocks on Sale
by Milton Ezrati of Lord Abbett,
In this horribly uncertain investment climate, one thing at least is clear: American equity markets have priced themselves for disaster. Stocks by almost any measure (except those carefully designed to make them look bad) do look cheap, especially relative to bonds. Such valuations, apart from what they say about sentiment, give markets upside potential even in the absence of full-fledged good news. All they need for a positive response is an abatement of the flow of bad news. And although it is possible that the stream of bad news will continue endlessly, it is not likely.
Stocks on Sale
by Milton Ezrati of Lord Abbett,
In this horribly uncertain investment climate, one thing at least is clear: American equity markets have priced themselves for disaster. Stocks by almost any measure (except those carefully designed to make them look bad) do look cheap, especially relative to bonds. Such valuations, apart from what they say about sentiment, give markets upside potential even in the absence of full-fledged good news. All they need for a positive response is an abatement of the flow of bad news. And although it is possible that the stream of bad news will continue endlessly, it is not likely.
Municipal Fears Never Realized*
by Milton Ezrati of Lord Abbett,
The lesson here comes in two parts. First is the age-old rule to keep emotion out of investing. If even the best analysis can at times produce the wrong investment conclusions, emotion almost always yields the wrong conclusions. The second is to remember how plausible the worst-case picture looked at the timewrong as it wasand to use that perspective in assessing todays fears, not to dismiss them or ignore them but rather to broaden thinking about possibilities and probabilities, including prospects that, if they are not good, are not disasters, either.
Waiting on the Super Committee
by Milton Ezrati of Lord Abbett,
Along with continuing concerns over the strength of the economic recovery and the fate of Europes sovereign debt market, investors also share abiding anxieties over the deliberations in Congresss Super Committee on deficit reduction. Of course, the group of 12 congressmen and senators will wait to report out their recommendations until late November. But rumors and leaks have already begun. Though there are no guarantees, these leaks can at least help investors prepare for what might actually make it into the final recommendations. Not all the indicators are disappointing, either.
Corporate Cash
by Milton Ezrati of Lord Abbett,
It will take time before a return of confidence can move matters beyond the recent, tentative expressions. Cash and the lack of confidence it reflects remain high. But investors should, nonetheless, remain aware of the tremendous potential for dramatic expansion in corporate spending, hiring, and M&A activity from even a modest improvement in confidence. Especially since equity market valuations these days make it cheaper to buy than to build, the M&A potential, with its always immediate market impact, looks particularly powerful.
Europes Confidence Game
by Milton Ezrati of Lord Abbett,
Of the three big issues dragging markets up and down these daysWashingtons ongoing budget uncertainties, the threat of a second recessionary dip, and Europes sovereign debt crisisthe latter is most dangerous. It not only carries a direct risk of wealth destruction but also of bank insolvency and, consequently, the prospect of a return to the liquidity shortages of 2008. Probabilities suggest that Europe will work its way through this mess, not without pain, of course, but more successfully than many now fear. Until it does so, however, risks remain.
The American Consumer: Down, but Not Out
by Milton Ezrati of Lord Abbett,
Those who had succumbed to double-dip recessionary fears got a shock with the July report on household incomes and outlays. It showed continued, albeit moderate, income growth of 0.3% for the month, but a striking 0.8% jump in outlays. Though far from conclusive, this spending jump, among other indicators, offers considerable evidence that the economic softness that was supposed to be a prelude to recession was more likely an interruption from which the economy will now likely move ahead, however slowly.
Double-Dip Scorecard
by Milton Ezrati of Lord Abbett,
Three issues have dragged the market around of late: 1) Europes sovereign debt crisis, 2) Washingtons budget debate, and 3) fears that the American economy will fall into a second recessionary dip. This Economic Insights takes up the third of these pressing issues, offering a kind of scorecard on double-dip likelihoods by peering behind the latest, admittedly weak, economic data to assess causes and likelihoods. The conclusion admits to the possibility of a second recessionary dip, but nonetheless settles on the probability that growth will continueslow to be sure, but growth nonetheless.
Banks Lending at Last
by Milton Ezrati of Lord Abbett,
Amid the many signs of economic weakness, the recent rise in bank lending stands as a welcome contrary indicator. Policy makers at the Fed no doubt see the news as significant. Certainly, a willingness among banks to lend actively to companies and to individuals does much to build confidence that the economic expansion can continue. Bernanke has on many occasions identified bank lending as a crucial sign that past stimulative policy has gained traction. Growth in bank loans should give the Fed comfort about its past efforts to exercise patience with a QE3.
Dont Dismiss Emerging Markets
by Milton Ezrati of Lord Abbett,
Fears about emerging market investments have grown of late. Todays doubts have three sources. 1) Many once popular emerging equity markets have failed to keep up with their impressive past gains. 2) The emerging economies look more vulnerable than previously to the ills of inflation and the associated slowdown in the pace of growth. 3) Valuations look much less compelling than they once did. But if all these factors keep emerging markets from repeating the phenomenal gains of the last 1020 years, investors would make a mistake to dismiss them out of hand.
Why This Cycle Is Different
by Milton Ezrati of Lord Abbett,
Back in 2009, when the recovery from the subprime crisis was just beginning, the International Monetary Fund produced a remarkable study of past economic cycles. The analysts there made a point of distinguishing the behavior of cycles caused by financial crises from the behavior of cycles with other causes. Their work made clear that recessions associated with financial crises were deeper and lasted longer than others and that the subsequent recoveries were slower. And that when cyclical forces were synchronized across the globe, as they were in 0809, these differences were even greater.
Bright Spots
by Milton Ezrati of Lord Abbett,
The American consumer is not nearly as vulnerable as during the 200809 recession. During the past two years, American households have so restrained spending, absolutely and relative to income, that presently they maintain about a $590 billion annualized savings flow, up strikingly from the $190 billion annualized flow averaged in the middle of 2007. Since this current savings flow amounts to some 5% of outstanding household liabilities, households need make no further cutbacks to improve their balance sheets, leaving them to spend marginally more freely.
Export Power
by Milton Ezrati of Lord Abbett,
Amid signs of economic weakness elsewhere, Americas export sector seems to go from strength to strength. After decades during which observers consistently bemoaned the countrys global failings, it is hard for many to accept this turn. But the numbers do not lie. Exports have helped propel growth for some time now. Of course, at only about 13.5% of the overall economy, even robust exports growth can push up the economys overall pace only so much, but it can offset the huge drags elsewhere in the economy, such as in state and local spending, which constitutes about 12% of the nations GDP.
The Consumer Marches On
by Milton Ezrati of Lord Abbett,
With recession fears again gripping financial markets, it pays to take another look at the American consumer. At more than 70% of the economy, he and she will determine the direction and the pace of the economy. And despite the current gloom abroad, the picture that emerges from this examination, though far from robust, carries the expectation of continued, if slow expansion, especially since consumer spending has good income support. Though many other economic measures have weakened of late and depressed the view of economic prospects, the consumer has shown remarkable consistency.
Going for Growth
by Milton Ezrati of Lord Abbett,
Despite the sudden return of double-dip recessionary fears, the U.S. economy should keep growing. The growth, slow as it will likely be, is critical to a continued equity market advance. But still, the recovery is maturing, and the pace of earnings growth should slow. To be sure, the high operating leverage of American firms will allow them to turn in double-digit earnings advances even in a slow-growth environment. But the growth pace should come in much slower than last year. The change will likely move the marginal investment advantage from value to growth stocks.
Will Japan?s Crisis Cause Force Long-Term Reform?
by Milton Ezrati of Lord Abbett,
For all the pain suffered by the Japanese as a result of the earthquake, the disaster and its ripple effects, offer them at least some smugness. The world, obsessed new, had for years dismissed Japan as a part of the past, preferring instead to enthuse over China and emerging economies. This horrible disaster has made one thing very clear: Japan still plays a critical role in the global supply chain and economy generally. How soon, if ever, will Japan recover its former productive role? And how will the shock of the recent disaster change the Japanese economy?s long-term direction?
Double-Dip Fears
by Milton Ezrati of Lord Abbett,
A robust recovery was never in the cards?as Lord Abbett has continually pointed out?even during the consensus? optimism earlier this year. But a second recessionary dip is highly unlikely. Instead, the American economy should carry on with middling growth of 2.5?3% in real terms, propelled by exports, moderate consumer spending growth, and continued, cautious advances in corporate spending, while sideways moment in housing and absolute declines in state and local government spending hold the pace back from what it might otherwise achieve.
Oil Prices?Fundamentally Unhinged
by Milton Ezrati of Lord Abbett,
Oil prices spiked up more than 40% between September 2010 and early May, before suddenly giving back half the gain within the space of a week. Analysts naturally sought to explain the wild price swings with supply and demand. But, as is so often the case with commodities the fundamentals mean less than speculative money flows. These explain both the run up and the retreat and why prices moved so far so fast. Speculative motivations, more than the fundamentals, will set future price movements, though the fundamentals, when they influence, should keep the direction pointing down more than up.
Dancing on the Debt Ceiling
by Milton Ezrati of Lord Abbett,
The government seems set to hit the dreaded debt ceiling in stages instead of all at once. The first touch came on May 16. But because the Treasury can redeploy funds, it can delay any practical constraints from the limit until early August. While Washington and the media show considerable anxiety, investors seem to expect that the event will have no practical effect in the end. Of greater significance to investors are the policy positions that swirl around to debt ceiling debate, especially since by August, Washington will need to argue both the ceiling and the 2012 budget at the same time.
Housing Fears Still Lurk in the Shadow
by Milton Ezrati of Lord Abbett,
Housing remains a focus of uncertainty and anxiety. Its collapse largely created the 2008 financial crisis and recession. Housing concerns formed the basis of last year?s ?double-dip? recession scare. Many fear that further problems in the area could thwart the present economic recovery. Of particular concern now is the still large overhang of vacant, unsold properties and the even larger overhang of properties on which lenders have delayed foreclosure, the so-called ?shadow inventory.? The inventory situation will hold back real estate prices and building activity for a long time to come.
One Small Step for Bernanke
by Milton Ezrati of Lord Abbett,
Fed has indicated its intention to let QE2 end as scheduled in June. This decision would mark the first designated step in the cautious program for policy change that Bernanke had previously outlined. If the Fed sticks with this plan it will take until early 2012 before policy makers will begin to increase market interest rates. Even at that last step, policy would remain easy as the Fed makes its gradual moves. The only difference is that the easing will gradually become less extreme. It will likely take until late 2012 or 2013 before American monetary policy even approaches restraint.
The Fiscal Debate Continues
by Milton Ezrati of Lord Abbett,
The fiscal debate has dramatically changed character and emphasis in just the past few months. Whereas last January President Obama only hinted at tax reform and spending cuts, they now have taken over the fiscal agenda. True, Republicans and the president remain far apart, and Washington is nowhere near a grand compromise, but it now looks as though the parties could agree on some bits and pieces, significant enough for markets to begin, but only just begin, to gain some confidence in progress on the deficit issue. The fiscal goal posts have moved.
Inflation Threat?
by Milton Ezrati of Lord Abbett,
Any serious discussion of inflation today must separate short- from longer-term prospects. For the short run, the risks of a generalized inflation remain small, recent increases in commodity prices notwithstanding. For the longer run, the risks rise. Perhaps recent commodity price hikes anticipate this longer-term potential, though there are other explanations. But whatever the specifics, the fundamental risks lie almost entirely with policy in Washington, that is, how the Fed treats the excess liquidity in markets today and how the federal government deals with its huge budget deficits.
Inflation: Some Important Technical Perspectives
by Milton Ezrati of Lord Abbett,
Concern about inflation these days seems to travel along two separate avenues. On the more technical side are the worries over recent food and fuel price spikes and the objections to Washington?s practice of excluding such price moves from its analyses and policy decisions. The second, very different concern takes a much longer-term view and worries that federal budget deficits and the liquidity poured on markets during the past two years or so by the Federal Reserve will cause considerable inflationary pressure in 2012 and beyond.
Results 151–200
of 257 found.
