Equity fall is bond market's only hope

Alan Greenspan is playing his cards close to his chest but the expectation is for a 50 basis points rise in interest rates on May 16th. The rise is also not likely to represent a peak in the cycle. Though recent economic data has been mixed, the bias towards higher inflation looks a touch stronger than that to lower growth. In any case, equity markets are less influenced these days by interest rates than the textbooks would have us believe. The real struggle for market dominance lies between those who think the telecoms, media and technology momentum has still some months to run and thos...