2008

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Associated Press, January 23, 2008
U.S. Treasuries End Mixed After Frenetic Day
There is now a sense that the stock and bond markets are helping guide Fed policy, according to Alan Tedford, a fixed income portfolio manager at Stephens Capital Management. The Fed has a lot more work to do, he said. The Fed has got to get the Fed Funds rate to where banks can lend again, Mr. Tedford commented. Right now, it costs banks more to borrow than to lend.
MarketWatch From Dow Jones, January 15, 2008
Deeper, Faster Rate Cuts Expected As Economy Cools
Regardless of when the Fed cuts rates, trimmed inflation concerns mean the Fed can move more aggressively to lower rates without inciting fears that its policies will allow price growth to get out of hand. According to Bill Tedford, fixed income strategist at Stephens Capital Management, the Fed Funds rate has a long way to go to get to the bottom. Mr. Tedford said he anticipates the Fed Funds rate, now at 4.25%, could get as low as 2% as the Fed tries to revive the economy. Built into that outlook is the forecast that oil prices won't make another 60% gain this year, he noted.