Rate uncertainty rocks US once more

After the optimism of December, when so many positive indicators were in evidence, 2005 has experienced a hesitant start based on unexpected signs from the Fed on the interest rate outlook. Although uncertainty was never far below the surface for much of 2004, it is disappointing to see its revival amid indications that the out-turn for Wall Street in the current year may not be as straightforward as anticipated. Most issues relating to US financial markets can be viewed from two sides. Today's bears can readily cite the low savings rate or the record current account deficit, as deterrents...