The Week

RANDOM WALK

THESE days everyone on Wall Street is frantically gazing into his crystal ball to forecast where inflation is headed. I don’ t need a crystal ball. I get my information from Wayne Angell, the chief economist at Bear Stearns, and his assistants John Ryding and Melanie Hardy. Those who knew Angell in his Fed days know that he is a passionate gold-bug. Now he and his team have developed a simple economic model based on fluctuations in the price of gold to predict future inflation trends.

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RANDOM WALK

THESE days everyone on Wall Street is frantically gazing into his crystal ball to forecast where inflation is headed. I don’ t need a crystal ball. I get my information from Wayne Angell, the chief economist at Bear Stearns, and his assistants John Ryding and Melanie Hardy. Those who knew Angell in his Fed days know that he is a passionate gold-bug. Now he and his team have developed a simple economic model based on fluctuations in the price of gold to predict future inflation trends.