Before the brain was established as the body's ruling organ, the stomach was thought to be king. Descartes may have thought and therefore known that he was, but he reckoned that most of his moods were regulated by his guts. Credit markets seem never to have adjusted to this reordering, and still think with their stomachs. This week they were grumbling, and several big bond sales were postponed until they settle. "It's not a buyers' strike," says Paul Read, a bond fund-manager at In-vesco, "but a bit of indigestion."
展开▼
