Fears of recession have given way to fears of inflation. The odds of a recession in 2008 have declined from earlier this year judging by the incoming economic data, the upward revisions to Wall Street economists’ GDP estimates and, more colorfully, by the odds reflected in bets placed on the online betting site Intrade, where the odds of recession have fallen back to a normal level of 30-35% from 70-75%.

To see the rest of this article, please click on the link below:

http://www.mwboone.com/library/articles/Weekly_market_Commentary_7_15_08.pdf