For a few days in June, the exuberance in the stock and bond markets seemed almost rational. After the Labor Dept. reported that unemployment in May rose for the first time in three months, traders figured the Federal Reserve's campaign of six small interest-rate hikes had achieved the desired effect of braking economic growth. Time to uncork a nice Puligny-Montrachet and toast the arrival of Federal Reserve Chairman Alan Greenspan's much-anticipated soft landing.
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