November 04, 1999

The market experienced a tremendous increase in confidence during the last two trading days of October. The rise in confidence was largely attributable to the fact that the economy had been growing at a healthy and better-than-expected pace while inflation, as measured by the deflator, was increasing at a lower-than-expected clip. Analysts were quick to note that the employment cost index confirmed that there was no major inflationary surge in sight. The bears were looking for the non-existent Phillips curve relationship.

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