Ford postponing the event would be their judgment that market conditions are becoming disorderly. (Ford is) betting that conditions will improve once upcoming uncertainties are out of the way, one of which is the FOMC meeting.
The fear here is the economy is overheating. And this points to a Federal Reserve with a much tighter monetary policy.
The new issue calendar had dried up for all kinds of issuers. But now, the corporate calendar is building again.
We're down for three reasons. One, we still have the overhang of supply associated with the February refunding auctions, which were not distributed that well. Two, the early gains in the Dow Jones industrial average have eliminated some support for Treasury.
[Even the] beige book ... labor markets remain stretched and some districts indicated increasing wage pressures.
Whatever is transpiring in the market, especially this week, is against the backdrop of extra negative sentiment, so the market is prone to react to bad news.
There are a lot of people who are tremendously overextended and we're now getting down to a level to where these margin calls are massive. The calls are going out right now.
There were questions developing in the market late last week regarding the tenor of Greenspan's speech ... (and) it seems as if the potential that there won't be a rate cut is weighing negatively on the Treasury market.
The retrenchment in equities will undoubtedly affect the economy later in the year. This is not just a correction, it's an economic event that could affect consumer confidence and consumer spending down the road, leading to a more pronounced slowdown than the Fed is currently factoring in.
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