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Reading The Smoke by George Zachar
The bond market is trying to guess which indicator Greenspan will choose to focus on in his testimony next week.
He can choose series that magnify or downplay price pressures, or he can say the data available are too scant, or too in thrall to some temporary distortion.
It's like Keynes' old metaphor of judging the judges of a beauty pageant, only here, there is but one judge.