Over the 2004-05 interval, looming bond market perils appear to pose the most serious challenges for [leveraged] consumers and property markets -- possibly even resulting in a new deflation scare.

Over the 2004-05 interval, looming bond market perils appear to pose the most serious challenges for [leveraged] consumers and property markets -- possibly even resulting in a new deflation scare,

In my view, the perils of another burst asset bubble far outweigh the costs of another recession,

It would appear that the market is simply looking ahead to the tightness looming for later in the year.

The FOMC minutes provided further affirmation to a bond market that continues to see the glass as half full.

Although no serious figures on the results of rationing should appear in the next month or two, the market is slightly less worried. The feeling is that, if there are no blackouts, rationing itself is already priced in.