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That is what's quelling the optimism fed by other positive-looking data.
Instead, the market appeared to hold on to optimism fed by Thursday's report of a drop in the number of newly laid-off people seeking unemployment benefits.
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Stocks changed little Tuesday even though promising data from the retail sector fed optimism that the economic recovery was slowly proceeding.
But the letter to Obama suggests a worrying kind of optimism: that the feds can save the day, simply because they're bigger and stronger.
"I wouldn't bet against Treasuries in the short term," said Robert Justich, managing director for fixed income at Times Square Asset Management, citing expectations for lower rates and Fed-led optimism that inflation will remain contained.
"Fifty years ago, individual motel owners fed into this great optimism that we later came to disdain here.
They've been spoon-fed, spoon-fed, spoon-fed.
Hong Kong property stocks led the final-hour rebound, as investors signaled optimism that Hong Kongs prime lending rate will go down in tandem with the U.S. fed funds rate.
■ Optimism.
"My optimism?
Repression fed extremism.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com