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My Favorite Quotes
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 Michael Cheah - “For us to give up some of the gain for consolidation, for correction, is very, very healthy.”
 Jeff Cheah - “The inflation report and Greenspan's testimony are now going to be the primary focus of financial markets. It will be the main indicator for where rates will go.”
 Jeff Cheah - “If they were to cut rates, it might endorse the view that the Fed believes inflation is not a problem. And that can be a dangerous game.”
 Michael Cheah - “I think this has to be put into perspective. We had a huge, huge rally for a long time in the bond market. We are talking about how 10-year yields have fallen from 5.4 percent in March to oh-my-goodness-I-can't-believe-this 3.6 percent.”
 Jeff Cheah - “Stabilizing ... that is the key word that investors are reacting to.”
 Jeff Cheah - “There is a fundamental sentiment change, aside from that nothing has changed. Sentiment was very bearish yesterday and you could attribute that to nervousness. I expect a roller-coaster ride for another two-to-three weeks. I'm bullish but I don't expect it to be a smooth ride.”
 Michael Cheah - “The yield curve is flat and typically when that happens, banks are reluctant to lend money and the economy becomes vulnerable,”
 Michael Cheah - “If the yield curve inverts, that is bad because banks will not lend money at rates lower than their borrowing costs. It's as simple as that and the economy will slow down naturally,”
 Michael Cheah - “The Fed, like all good central banks, has to work on a real-time basis, ... This is serious enough to cause a lot of pain.”
 Michael Cheah - “The prevailing fear for March being bad for Treasuries is so strong that nobody is stepping up to buy. The value investor in me says there's a buying opportunity in here somewhere, but I have to be respectful of the current sentiment.”
 Jeff Cheah - “That kind of news will spook the market and we will hear more of it because we're at the peak earnings reporting season.”
 Jeff Cheah - “Interest rate sensitive stocks did well today as well as the oil and gas sector, but overall you can't really say that there's a lot of direction...given the absence of any market-moving news today. Also the liquidity wasn't there with the U.S. markets closed.”
 Jeff Cheah - “Overall it does suggest that labor market conditions are very tight still and the Fed probably still has one more tightening to do, because recent rhetoric suggests monetary policy will get more and more data dependent.”
 Jeff Cheah - “It suggests to us that the manufacturing sector of the economy is still developing at a giddy speed, and the price component looks problematic and is showing price pressure. While there's certainly no danger of hyper-inflation, there are some indications that prices may start to accelerate.”
 Jeff Cheah - “There is a lot of concern about Cisco's earnings. Rather than risk major disappointment, people are saying it might be better to stay out of the market. And because it is a bellwether stock, Cisco will have an impact on other tech stocks.”
 Jeff Cheah - “We're coming close to a heavy reporting season. We will start to hear positive or ... more than likely negative surprises like what we saw with Computer Associates earlier.”
 Michael Cheah - “In 2000 we inverted as much as 47 basis points. Could that happen again Sure, as it'll take the clear signal of a rate cut before the two-year yield starts moving down.”
 Michael Cheah - “Could that happen again Sure, because it will take the clear signal of a rate cut before the two-year note yield will start moving down.”
 Michael Cheah - “One thing that's clear is that the Fed is saying that they don't know what the future holds.”
 Jeff Cheah - “What is clear is that Japan does not really want a strong yen. If the currency gets too strong it might stall the growth momentum we've seen coming out of Japan.”
 Michael Cheah - “A slowdown is baked in the cake. A big part of economic growth has been driven by consumer home-equity loans and if home prices are subdued, you won't have more loans driving spending.”
 Michael Cheah - “A slowdown is baked in the cake, ... A big part of economic growth has been driven by consumer home-equity loans and if home prices are subdued, you won't have more loans driving spending.”
 Jeff Cheah - “All this time, throughout the earnings season for the last couple of quarters, we've been hearing that visibility continues to be very poor going forward. Now, for the first time, you have a CEO of a high-profile company saying at least that business conditions appear to have stabilized, and I think that was the trigger for the rally today.”
 Jeff Cheah - “You have to believe the productivity trend is very real, but at one point will it begin to taper off That's a question financial markets and the Federal Reserve have been looking at very closely.”
 Michael Cheah - “A lot of people are afraid that increases in the PPI will eventually spill over to the CPI but it's important to put things into perspective. The majority of the average cost of goods is from labor and wages are still under pressure,”