December 13, 1999

The fixed income market outlook derived from the futures market is bearish. During the first quarter we expect the long-end of the yield curve to produce negative returns. Yet in spite of the bearish fixed income forecast we believe that the equity outlook is a good one. Applying our selector methodology to our fixed income proxy, the 10-year T-bond, and equity proxy, the S&P500, we obtain estimates of the likelihood of domestic equities outperforming their fixed-income counterpart.

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