Editor's letter



Despite a report from the Labor Department on May’s Consumer Price Index showing a higher than expected rise—a hefty 0.6%, the largest in three years—some analysts are still predicting (or possibly hoping for) a measured response from the Federal Reserve in terms of interest rate hikes. But as Martin Fridson points out in his column this month, 10-year Treasury yields rose by 130bp in the year ending May 31, 2004, as investors positioned themselves for the imminent bear cycle—showing much more

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