P1JW18100A-4-A01100-1---XA

P1JW18100A-4-A01100-1---XA

Fed’s Latest Rate Boost Contains a Hint of a Pause
members of the 17-member Federal
Open Market Committee agreed to raise
the target for the Federal funds rate,
which is charged on overnight loans between banks. Two committee seats are
vacant.
But two of 12 reserve banks did not
request an accompanying increase in
the less-important discount rate,
which is charged on Fed loans to commercial banks. Their presidents—Janet Yellen in San Francisco and Thomas Hoenig in Kansas City—have recently warned of the risks of raising
rates too much.
The Fed’s statement attempts to balance the competing risks of slowing
growth and rising inflation. The Commerce Department reported yesterday
that the economy grew at a robust 5.6%
annual pace in the first quarter. Economists believe growth slipped below 3% in
the current quarter under the weight of
higher oil prices and interest rates. At
the same time, inflation has edged above
what Fed officials sometimes call their
“comfort zone.”
After a period of rising interest
rates, the economy often decelerates
while inflation rises for a while. But

Treasury Bonds, Notes and Bills
MATURITY TYPE

Representative Over-the-Counter quotation based on transactions of $1 million or more. Treasury bond,
note and bill quotes are as of mid-afternoon. Colons in bid-and-asked quotes represent 32nds; 101:01
means 101 1/32. Net changes in 32nds. n-Treasury note. i-Inflation-Indexed issue. Treasury bill quotes in
hundredths, quoted on terms of a rate of discount. Days to maturity calculated from settlement date. All
yields are to maturity and based on the asked quote. Latest 13-week and 26-week bills are boldfaced. For
bonds callable prior to maturity, yields are computed to the earliest call date for issues quoted above par
and to the maturity date for issues below par. *When issued.
Source: eSpeed/Cantor Fitzgerald
U.S. Treasury strips as of 3 p.m. Eastern time, also based on transactions of $1 million or more. Colons
in bid and asked quotes represent 32nds; 99:01 means 99 1/32. Net changes in 32nds. Yields calculated
on the asked quotation. ci-stripped coupon interest. bp-Treasury bond, stripped principal. np-Treasury note,
stripped principal. For bonds callable prior to maturity, yields are computed to the earliest call date for issues
quoted above par and to the maturity date for issues below par.
Source: Bear, Stearns & Co. via Street Software Technology Inc.

MATURITY
MO/YR

BID

ASK
MATURITY
ASKED CHG YLD RATE MO/YR

Government Bonds & Notes
7.000
2.750
2.375
2.375
2.500
6.500
2.500
2.625
3.500
2.875
3.000
3.375
3.125
2.250
6.250
3.375
3.750
3.625
6.625
4.375
3.125
3.500
3.625
3.875
2.750
3.250
6.125
4.000
4.000
4.250
3.000
4.250
4.375
3.625
4.375
3.000
5.500
3.375
4.625
4.625
4.875
2.625
3.750
5.625
4.875
5.125
3.250
4.125
3.125
3.125
3.375
4.750
4.375
3.375
3.250
3.875
4.500
3.000
2.625
3.125
3.875
5.500
4.875
4.000
3.625
3.500
6.000
3.375
3.375
3.500
3.500
3.625
4.250
3.500
6.500
4.000
0.875
4.000
3.875
3.625
3.875
5.750
4.125
3.875
4.250
4.500
4.375
4.250
3.500
5.000
4.500
4.750
2.375
4.875
4.875
5.125
5.000
14.000
3.375
4.875
3.000
4.375
4.000
10.375
3.875
3.625

Jul
Jul
Aug
Aug
Sep
Oct
Oct
Nov
Nov
Nov
Dec
Jan
Jan
Feb
Feb
Feb
Mar
Apr
May
May
May
May
Jun
Jul
Aug
Aug
Aug
Aug
Sep
Oct
Nov
Nov
Dec
Jan
Jan
Feb
Feb
Feb
Feb
Mar
Apr
May
May
May
May
Jun
Aug
Aug
Sep
Oct
Nov
Nov
Nov
Dec
Jan
Jan
Feb
Feb
Mar
Apr
May
May
May
Jun
Jul
Aug
Aug
Sep
Oct
Nov
Dec
Jan
Jan
Feb
Feb
Mar
Apr
Apr
May
Jun
Jul
Aug
Aug
Sep
Oct
Nov
Dec
Jan
Jan
Feb
Feb
Mar
Apr
Apr
May
Jun
Aug
Nov
Jan
Feb
Jul
Aug
Nov
Nov
Feb
May

06n
06n
06n
06n
06n
06n
06n
06n
06n
06n
06n
07i
07n
07n
07n
07n
07n
07n
07n
07n
07n
07n
07n
07n
07n
07n
07n
07n
07n
07n
07n
07n
07n
08i
08n
08n
08n
08n
08n
08n
08n
08n
08n
08n
08n
08n
08n
08n
08n
08n
08n
08n
08n
08n
09n
09i
09n
09n
09n
09n
09n
09n
09n
09n
09n
09n
09n
09n
09n
09n
09n
10n
10i
10n
10n
10n
10i
10n
10n
10n
10n
10n
10n
10n
10n
10n
10n
11n
11i
11n
11n
11n
11i
11n
11n
11n
11n
11
12i
12n
12i
12n
12n
12
13n
13n

100:00
99:25
99:21
99:16
99:10
100:11
99:03
99:00
99:11
99:00
98:27
100:08
98:23
98:03
100:17
98:23
98:27
98:19
101:02
99:06
98:04
98:12
98:11
98:17
97:08
97:25
100:28
98:18
98:15
98:22
97:01
98:20
98:24
101:21
98:22
96:17
100:15
97:04
99:00
99:00
99:12
95:13
97:12
100:23
99:09
99:26
96:04
97:30
95:23
95:17
96:00
99:00
98:05
95:27
95:13
103:16
98:09
94:21
93:19
94:23
96:17
100:28
99:04
96:25
95:21
95:06
102:10
94:23
94:19
94:27
94:24
95:00
106:02
94:16
104:09
96:03
94:04
96:00
95:15
94:19
95:12
102:07
96:06
95:06
96:17
97:14
96:28
96:10
104:09
99:15
97:08
98:08
99:10
98:23
98:13
99:26
99:13
103:08
104:13
98:19
102:21
95:28
93:21
106:22
92:22
91:02

100:01
99:26
99:22
99:17
99:11
100:12
99:04
99:01
99:12
99:01
98:28
100:09
98:24
98:04
100:18
98:24
98:28
98:20
101:03
99:07
98:05
98:13
98:12
98:18
97:09
97:26
100:29
98:19
98:16
98:23
97:02
98:21
98:25
101:22
98:23
96:18
100:16
97:05
99:01
99:00
99:13
95:14
97:13
100:24
99:10
99:27
96:05
97:31
95:24
95:18
96:00
99:01
98:06
95:28
95:14
103:17
98:10
94:22
93:20
94:24
96:18
100:29
99:05
96:26
95:22
95:07
102:11
94:24
94:20
94:28
94:25
95:01
106:03
94:17
104:10
96:04
94:05
96:01
95:16
94:20
95:13
102:08
96:07
95:07
96:18
97:15
96:29
96:11
104:10
99:16
97:09
98:09
99:11
98:24
98:14
99:27
99:14
103:09
104:14
98:20
102:22
95:29
93:22
106:23
92:23
91:03

–1
…
…
…
…
1
1
1
2
1
1
2
1
1
1
2
2
2
2
2
2
3
2
3
3
2
3
3
3
3
3
3
4
5
4
3
4
4
3
4
4
5
4
4
…
4
5
5
5
4
5
5
5
5
5
10
5
5
5
6
6
6
5
6
6
6
6
6
6
6
6
6
13
7
7
8
14
8
7
8
7
7
8
8
8
8
8
8
14
9
9
9
15
9
–1
8
9
–1
16
10
17
11
10
…
9
9

5.13
4.71
4.68
4.93
5.05
5.13
5.14
5.24
5.18
5.23
5.31
2.82
5.29
5.30
5.31
5.30
5.29
5.31
5.30
5.28
5.30
5.30
5.32
5.25
5.26
5.26
5.26
5.25
5.25
5.24
5.24
5.23
5.23
2.49
5.22
5.22
5.17
5.22
5.22
5.22
5.21
5.21
5.21
5.19
5.20
5.19
5.18
5.13
5.18
5.19
5.18
5.18
5.19
5.18
5.18
2.43
5.19
5.19
5.17
5.17
5.18
5.15
5.18
5.17
5.17
5.17
5.18
5.16
5.16
5.17
5.16
5.17
2.44
5.17
5.18
5.16
2.50
5.16
5.17
5.14
5.14
5.13
5.15
5.15
5.15
5.15
5.16
5.16
2.49
5.12
5.16
5.16
2.52
5.17
5.17
5.16
5.12
4.96
2.51
5.16
2.52
5.16
5.17
5.23
5.18
5.18

1.875
4.250
12.000
4.250
2.000
4.000
4.750
13.250
2.000
4.250
12.500
11.750
4.250
1.625
4.000
11.250
4.125
1.875
4.250
10.625
4.500
9.875
2.000
4.500
9.250
7.250
5.125
7.500
8.750
8.875
9.125
9.000
8.875
8.125
8.500
8.750
8.750
7.875
8.125
8.125
8.000
7.250
7.625
7.125
6.250
7.500
2.375
7.625
6.875
2.000
6.000
6.750
6.500
6.625
6.375
6.125
3.625
5.500
5.250
5.250
3.875
6.125
6.250
5.375
3.375
4.500

Jul
Aug
Aug
Nov
Jan
Feb
May
May
Jul
Aug
Aug
Nov
Nov
Jan
Feb
Feb
May
Jul
Aug
Aug
Nov
Nov
Jan
Feb
Feb
May
May
Nov
May
Aug
May
Nov
Feb
Aug
Feb
May
Aug
Feb
May
Aug
Nov
Aug
Nov
Feb
Aug
Nov
Jan
Feb
Aug
Jan
Feb
Aug
Nov
Feb
Aug
Nov
Apr
Aug
Nov
Feb
Apr
Aug
May
Feb
Apr
Feb

13i
13n
13
13n
14i
14n
14n
14
14i
14n
14
14
14n
15i
15n
15
15n
15i
15n
15
15n
15
16i
16n
16
16
16n
16
17
17
18
18
19
19
20
20
20
21
21
21
21
22
22
23
23
24
25i
25
25
26i
26
26
26
27
27
27
28i
28
28
29
29i
29
30
31
32i
36

ASK
BID ASKED CHG YLD
95:21
94:15
113:18
94:07
96:02
92:15
97:03
121:11
95:26
93:23
120:28
120:03
93:19
92:23
91:22
141:15
92:13
94:12
93:03
138:26
94:25
134:01
95:00
94:22
130:00
115:08
99:12
117:22
128:11
129:26
133:06
132:29
132:03
125:26
129:30
132:23
133:01
125:00
127:22
128:00
127:00
119:24
124:00
118:24
109:13
124:11
96:12
126:00
117:19
90:19
107:13
116:21
113:24
115:14
112:16
109:16
117:17
101:25
98:18
98:20
122:18
110:05
112:07
100:24
116:27
88:24

95:22
94:16
113:19
94:08
96:03
92:16
97:04
121:12
95:27
93:24
120:29
120:04
93:20
92:24
91:23
141:16
92:14
94:13
93:04
138:27
94:26
134:02
95:01
94:23
130:00
115:09
99:13
117:23
128:12
129:27
133:07
132:30
132:04
125:27
129:31
132:24
133:02
125:00
127:23
128:01
127:00
119:25
124:00
118:25
109:14
124:12
96:13
126:01
117:20
90:20
107:14
116:22
113:25
115:15
112:17
109:17
117:18
101:26
98:19
98:21
122:19
110:06
112:08
100:25
116:28
88:25

16
10
3
10
18
9
10
3
18
10
2
7
10
18
10
12
10
19
10
13
10
12
20
11
12
12
11
12
13
14
14
15
15
15
15
15
15
15
14
16
15
15
15
15
14
15
24
15
14
25
14
15
15
15
14
14
30
13
12
13
37
14
15
14
37
14

2.55
5.18
5.16
5.20
2.57
5.20
5.20
5.14
2.57
5.20
5.16
5.17
5.20
2.57
5.20
5.21
5.20
2.57
5.21
5.22
5.20
5.23
2.59
5.20
5.24
5.24
5.20
5.26
5.28
5.29
5.31
5.33
5.34
5.36
5.37
5.37
5.38
5.38
5.39
5.39
5.39
5.40
5.40
5.40
5.40
5.39
2.62
5.39
5.39
2.61
5.38
5.38
5.38
5.37
5.37
5.37
2.57
5.36
5.36
5.35
2.56
5.35
5.33
5.32
2.48
5.25

U.S. Treasury Strips
MATURITY TYPE
Aug
Aug
Nov
Nov
Nov
Feb
Feb
Feb
May
May
May
Aug
Aug
Aug
Aug
Nov
Nov
Feb
Feb
Feb
Feb
May
May
May
May
Aug
Aug
Aug
Nov
Nov
Nov
Nov
Feb
Feb
Feb
May
May
May

06
06
06
06
06
07
07
07
07
07
07
07
07
07
07
07
07
08
08
08
08
08
08
08
08
08
08
08
08
08
08
08
09
09
09
09
09
09

ci
np
ci
np
np
ci
bp
np
ci
np
np
ci
np
np
np
ci
np
ci
np
np
np
ci
bp
np
np
ci
np
bp
ci
np
np
bp
ci
np
bp
ci
np
np

his credibility is on the line as an inflation fighter,” said Scott Anderson, senior
economist at Wells Fargo & Co. “That
might push him to raise rates higher—
higher than Greenspan would have had
to.”
The Wall Street Journal survey
doesn’t see a Fed mistake as the most
probable outcome. “That’s a risk, that’s
not the expectation,” said Peter Hooper,
chief U.S. economist at Deutsche Bank
Securities in New York. More than half
of the economists in the Journal survey—31 of the 56 surveyed—think the
Fed will be able to control inflation without damaging the economy. Only a quarter believe the Fed will overshoot.
Mr. Bernanke likely will elaborate
further on the Fed’s view of the economy and interest-rate outlook when he
testifies before Congress on July 19 as
part of his semiannual monetary report.
Economists generally have a high
opinion of Mr. Bernanke, who this week
oversaw the Fed meeting for the third
time. Survey respondents gave him a
B-plus for his interest-rate decisions, a
bit lower than the “A-minus” they gave
him in an early May survey. Lehman

Economists and
investors have begun
to worry the Fed might
raise rates too much.
creases in April, causing some investors
to question his anti-inflation resolve. To
compensate, he and numerous other Fed
officials in the past month have unleashed a rhetorical broadside, labeling
recent inflation developments “unwelcome,” “beyond acceptable,” “corrosive”
and “unhinged,” raising market expectations of monetary tightening.
“Bernanke’s a new Fed chairman and

BID

ASKED

CHG

ASK
YLD

99:12
99:12
98:05
98:02
98:02
96:27
96:25
96:24
95:20
95:17
95:17
94:12
94:10
94:10
94:10
93:07
93:04
92:02
92:01
91:31
91:31
90:28
90:26
90:26
90:26
89:24
89:21
89:24
88:18
88:18
88:17
88:17
87:13
87:14
87:13
86:09
86:13
86:10

99:13
99:13
98:06
98:03
98:03
96:28
96:25
96:25
95:20
95:18
95:18
94:13
94:11
94:10
94:11
93:08
93:05
92:02
92:01
91:31
91:31
90:29
90:26
90:27
90:26
89:24
89:22
89:25
88:18
88:18
88:18
88:18
87:14
87:14
87:14
86:09
86:13
86:11

1
1
1
1
1
2
2
2
2
2
2
3
3
3
3
3
3
4
4
4
4
4
4
4
4
5
5
5
5
5
5
5
6
6
5
6
6
6

4.78
4.68
4.94
5.17
5.18
5.14
5.27
5.29
5.16
5.27
5.27
5.18
5.25
5.25
5.25
5.15
5.23
5.14
5.16
5.20
5.20
5.15
5.20
5.20
5.20
5.14
5.19
5.14
5.18
5.18
5.18
5.18
5.18
5.17
5.18
5.19
5.14
5.17

May
Aug
Aug
Aug
Nov
Nov
Nov
Feb
Feb
Feb
May
May
Aug
Aug
Aug
Nov
Nov
Feb
Feb
May
Aug
Aug
Nov
Feb
Feb
May
Aug
Aug
Nov
Nov
Feb
Feb
May
May
Aug
Aug
Nov
Nov
Feb
Feb
May
May
Aug
Aug
Nov
Nov
Feb
Feb
Feb
May
May
Aug
Aug
Aug
Nov
Nov
Nov
Feb
Feb
Feb
May
May
May
Aug
Nov
Nov

09
09
09
09
09
09
09
10
10
10
10
10
10
10
10
10
10
11
11
11
11
11
11
12
12
12
12
12
12
12
13
13
13
13
13
13
13
13
14
14
14
14
14
14
14
14
15
15
15
15
15
15
15
15
15
15
15
16
16
16
16
16
16
16
16
16

np
ci
np
bp
ci
bp
np
ci
bp
np
ci
np
ci
np
bp
ci
bp
ci
np
ci
ci
np
ci
ci
np
ci
ci
np
ci
np
ci
np
ci
np
ci
np
ci
np
ci
np
ci
np
ci
np
ci
np
ci
bp
np
ci
np
ci
bp
np
ci
bp
np
ci
bp
np
ci
np
bp
ci
ci
bp

BID

ASKED

CHG

ASK
YLD

86:10
85:08
85:08
85:08
84:04
84:05
84:06
83:06
83:02
83:03
82:07
82:01
81:09
81:05
81:01
80:13
80:01
79:03
79:03
78:21
77:01
77:04
76:28
75:02
75:01
74:20
73:09
73:03
72:07
72:03
71:05
71:05
70:08
70:08
69:18
69:11
68:16
68:11
67:12
67:16
66:15
66:21
65:18
65:27
64:21
64:31
63:26
64:02
64:04
63:02
63:11
62:04
62:13
62:17
61:07
61:14
61:21
60:11
60:21
60:30
59:17
60:07
59:25
58:23
57:27
58:05

86:11
85:09
85:09
85:09
84:05
84:06
84:07
83:07
83:03
83:04
82:08
82:02
81:10
81:06
81:02
80:13
80:02
79:04
79:04
78:22
77:02
77:04
76:29
75:03
75:01
74:21
73:09
73:04
72:08
72:04
71:06
71:05
70:08
70:09
69:19
69:11
68:17
68:12
67:13
67:16
66:16
66:21
65:18
65:27
64:22
64:31
63:27
64:03
64:05
63:03
63:11
62:05
62:13
62:17
61:08
61:14
61:22
60:12
60:21
60:31
59:17
60:07
59:26
58:24
57:28
58:05

6
6
6
6
7
7
7
6
6
6
6
6
7
7
7
7
7
7
7
8
8
8
8
5
5
6
6
6
6
6
6
6
6
6
6
6
6
6
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
8
8
8
8
8
8
8
8
8

5.17
5.16
5.16
5.16
5.18
5.16
5.16
5.13
5.17
5.16
5.11
5.17
5.08
5.12
5.16
5.04
5.15
5.13
5.13
4.98
5.15
5.13
4.95
5.16
5.17
5.04
5.14
5.18
5.17
5.19
5.20
5.20
5.20
5.20
5.15
5.20
5.19
5.22
5.24
5.22
5.25
5.22
5.26
5.21
5.27
5.21
5.27
5.22
5.21
5.26
5.21
5.28
5.23
5.21
5.30
5.26
5.22
5.31
5.26
5.21
5.32
5.20
5.27
5.32
5.34
5.29

PERIOD

REV
%
(mill) CHG

INC CT
OP (mill)

Treasury Bills
MATURITY
Jul 06
Jul 13
Jul 20
Jul 27
Aug 03
Aug 10
Aug 17
Aug 24
Aug 31
Sep 07
Sep 14
Sep 21
Sep 28
Oct 05
Oct 12
Oct 19
Oct 26
Nov 02
Nov 09
Nov 16
Nov 24
Nov 30
Dec 07
Dec 14
Dec 21
Dec 28

06
06
06
06
06
06
06
06
06
06
06
06
06
06
06
06
06
06
06
06
06
06
06
06
06
06

DAYS TO
MAT BID ASKED
6
13
20
27
34
41
48
55
62
69
76
83
90
97
104
111
118
125
132
139
147
153
160
167
174
181

4.14
4.27
4.48
4.55
4.64
4.69
4.74
4.78
4.77
4.83
4.82
4.85
4.86
4.90
4.93
4.93
4.95
4.98
4.99
5.00
5.01
5.01
5.01
5.04
5.04
5.06

4.13
4.26
4.47
4.54
4.63
4.68
4.73
4.77
4.76
4.82
4.81
4.84
4.85
4.89
4.92
4.92
4.94
4.97
4.98
4.99
5.00
5.00
5.00
5.03
5.03
5.05

CHG

ASK
YLD

–0.25
–0.24
–0.14
–0.13
–0.06
–0.09
–0.05
–0.03
–0.03
–0.02
–0.01
–0.02
–0.02
–0.01
–0.02
–0.03
–0.04
–0.04
–0.02
–0.03
–0.04
–0.03
–0.03
–0.01
–0.03
–0.04

4.19
4.33
4.54
4.62
4.71
4.77
4.83
4.87
4.87
4.93
4.93
4.96
4.98
5.02
5.06
5.07
5.09
5.13
5.14
5.16
5.18
5.18
5.18
5.22
5.23
5.25

Inflation-Indexed Treasury
Securities
RATE

MAT BID/ASKED

3.375
3.625
3.875
4.250
0.875
3.500
2.375
3.375
3.000
1.875
2.000
2.000
1.625
1.875
2.000
2.375
2.000
3.625
3.875
3.375
*Yield

01/07 100-08/09
01/08 101-21/22
01/09 103-16/17
01/10 106-02/03
04/10 94-04/05
01/11 104-09/10
04/11 99-10/11
01/12 104-13/14
07/12 102-21/22
07/13 95-21/22
01/14 96-02/03
07/14 95-26/27
01/15 92-23/24
07/15 94-12/13
01/16 95-00/01
01/25 96-12/13
01/26 90-19/20
04/28 117-17/18
04/29 122-18/19
04/32 116-27/28
to maturity on accrued

ACCR
CHG *YLD PRIN
2
2.845
5
2.501
10
2.433
13
2.443
14
2.499
14
2.489
15
2.520
16
2.512
17
2.517
16
2.547
18
2.573
18
2.575
18
2.576
19
2.572
20
2.591
24
2.621
25
2.616
30
2.567
37
2.560
37
2.485
principal.

1271
1247
1228
1197
1063
1057
1015
1135
1120
1097
1088
1069
1055
1036
1015
1069
1015
1245
1225
1135

says. As the crew worked, he says, the
tenants—a woman and five children—arrived home to find their furniture on the
curb. Next, the crew emptied a one-bedroom apartment while the tenant was
away. Afterward, Mr. Ashford borrowed
a cellphone, called Ms. Osuri and pretended to order pizza, his coded way of
informing her where she could photograph the evictee’s belongings piled
along the sidewalk.
Ms. Osuri’s article accused All American Eviction and East Coast Express
Eviction, also based in Washington, of
recruiting and underpaying the homeless to carry out evictions. Accompanying it was a first-person account by vendor James Davis, describing life on an
eviction crew. “As I approached the little girl’s room, she was standing inside
clutching her dolls,” he wrote. “Right
there and then I walked out and decided
this would be my last eviction. I just
couldn’t do it. Here I was homeless myself at the time about to make two more
people homeless.”
When the issue hit the streets, Cleary
Gottlieb attorney Lee Berger picked up a
copy from a homeless vendor and read it
on the subway ride to work. By the time
he arrived, he says he was so angry
about the allegations that he rounded up
fellow lawyers and called the homeless
coalition’s Mr. Stoops, who also sits on
the Street Sense board.
Both eviction companies denied
wrongdoing, according to the Street
Sense article. Ms. Osuri says Caroline

Continued From First Page
ness. Street Sense is sold by a roving
crew of 45 vendors, most of them homeless, who pay 25 cents a copy and sell
the paper on the street for a dollar. A
diligent vendor with good curb appeal
can make $60 a day, Ms. Osuri says.
Last month, the vendors sold 11,500 copies out of a run of 13,000.
The vendors write about half of the
articles, with the rest written by nonhomeless volunteers. “The vendors are
really dedicated,” says Ms. Osuri.
“They’ll call if they’re in the hospital or
in prison. It’s a job, and they feel responsible for it.”
The articles range from the mundane—
which shelters are open—to the whimsical. Last month’s issue examined executive compensation among directors of
charities that work with the homeless. August Mallory, one of the paper’s vendors,
has written 31 installments of a mystery
story, chronicling the adventures of Marvin Hammerman, an attorney who goes to
bat for the homeless.
The homeless journalists also do restaurant reviews, accompanied by a nonhomeless volunteer entrusted with the
Street Sense credit card. They are told
to limit the bill to $70—and no alcohol.
“This is indeed great service, I said to
myself,” Mr. Ashford wrote about an
establishment called Georgia Brown’s.
“I was asked if I would like some sort of
beverage while looking over the menu,
and I asked for water and iced tea.”
Another vendor, Donald Brooks,
panned Zaytinya, a trendy Mediterranean-style restaurant, saying managers
turned rude when they found out the diners were from Street Sense. “We would
not eat there again if we were spending
our own money,” he wrote. General manager Sandy Lewis declined to comment
on the Street Sense review.
The paper has broken a few notable
stories, such as the piece about a carpenters’ union hiring the homeless to staff
picket lines. But none has made as big a
splash as the article about evictions in
April’s issue.
Tipped off by a vendor, Street Sense
sent 24-year-old volunteer Mark Youssef
to a charity called So Others Might Eat,
which has complained that eviction companies recruit workers near its headquarters. Mr. Youssef, wearing battered
sneakers and old clothes, says he spent
two mornings unsuccessfully trying to
get hired onto an eviction crew.
Mr. Ashford had better luck getting
hired. Born in Lumberton, N.C., he
says he served in the U.S. Army in
Germany in the 1980s and married a
German woman. After a divorce, he returned to the U.S., beset by schizophrenia, he says. An African-American with
flecks of gray in his black beard, Mr.
Ashford says he was hired off the sidewalk by All American Eviction, a Washington company, and paid $15 for six
hours of work—well below the $7-anhour legal minimum wage in the District of Columbia.
First, he and others, escorted by U.S.
marshals who accompany eviction
crews, emptied a rowhouse, Mr. Ashford

NET
%
(mill) CHG

PER SHARE
%
CURR PREV CHG

COMPANY

PERIOD

REV
%
(mill) CHG

INC CT
OP (mill)

NET
%
(mill) CHG

Accenture Ltd .......................Q5/31
4,805 6.8
...
a342.3
12
.56
.51 9.8
ACN (N)
9 mo
13,839 8.2
...
a626.9 –12
1.03
1.17 –12
a-Includes gains related to reorganization of $51,999,000 in the quarter and $54,030,000 in the nine months.

Merix Corp ............................13wk5/27
100.4
95
...
a3.51
...
MERX (Nq)
P Yr
309.0
65
...
a1.43
...
a-Includes one-time charges of $1,820,000 in the 13 weeks and $2,955,000 in the year.

Amer Greetings ...................Q5/26
AM (N)
Ÿ

406.6 –7.5

Monsanto Co .........................Q5/31
2,348
15
MON (N)
Ç 9 mo
5,953
19
a-Includes a gain of $2,000,000 related to restructuring.

Bally Total Fitnes ................Q3/31
BFT (N)
Ç

255.2

16.0

15.4

–42

.24

.35

–31

0.6

(4.83)

32.7

608

.87

.14

521

5.18 –4.7
22.4 –8.0

...
...

(0.46)
(0.67)

...
...

(.05)
(.07)

.06
.17

...
...

...

a85.5

13

.36

.32

13

Constelltn Brd ......................Q5/31
1,156
STZ (N)
a-Includes nonrecurring charges of $3,000,000.

5.4

Exide Technol .......................Q3/31
730.6 2.5
...
(76.3)
... (3.05) (1.78)
...
XIDE (Nq)
Yr
2,820
...
...
a(172.7)
... (6.91)
...
...
Comparative 2005 year results not shown. a-Includes a charge of $27,872,000 primarily from restructuring and
impairment.
FARO Technologies ..............Q4/1
32.1
16
FARO (Nq)
Ÿ
a-Includes pre-tax charge of $1,600,000 for legal fees.
Federated Invstr ..................Yr12/31
FII (N)
Ç

...

a0.50

–86

.03

909.2

7.8

163.3

160.3

–12

1.48

Gencorp Inc ...........................Q5/31
167.4
GY (N)
L 6 mo
296.1
a-Includes legal settlement charge of $8,500,000.

15
3.9

a(10.4)
a(24.8)

(7.30)
(23.3)

...
...

(.13)
(.42)

.24

–87

1.64 –9.8
.09
(.49)

...
...

Gen'l Mills ............................13wk5/28
2,845 4.6
...
a222.0 –52
.61
1.14 –46
GIS (N)
Ÿ 52 wk
11,640 3.5
...
a1,090 –12
2.90
3.08 –5.8
a-Includes charges related to restructuring of $14,000,000 in the 13 weeks and $30,000,000 in the 52 weeks.
GeoPharma Inc......................Yr3/31
GORX (Cm)

49.7

76

...

1.79

...

.14

(.17)

...

Greenbrier Cos .....................Q5/31
GBX (N)
9 mo

266.1 –7.0
688.7 –9.3

...
...

10.7
27.3

18
42

.67
1.71

.58
1.24

16
38

Hartmarx Corp .....................Q5/31
HMX (N)
Ÿ 6 mo

152.6
296.8

4.5
2.1

...
...

3.88
6.47

–28
–33

.10
.17

.15
.26

–33
–35

IHS Inc ..................................Q5/31
IHS (N)
Ç 6 mo

132.9
262.7

15
13

13.3
28.0

12.9
26.4

50
21

.23
.47

.15
.39

53
21

Kinder Morgan Inc ..............Q3/31
3,433 919
194.5
193.7
KMI (N)
Ç
a-Includes the results of Terasen Inc., which was acquired on November 30, 2005.

35

1.43

1.15

24

MSC Industrial Dir ...............13wk5/27
MSM (N)
39 wk

37.0
102.3

21
22

.54
1.50

.44
1.19

23
26

740.0
a2,547

281
41

.61
2.09

.16
1.48

281
41

329.8
931.7

14
13

...
...

Medtronic Inc .......................13wk4/28
3,067
10
...
MDT (N)
Ç Yr
11,292
12
...
Revised by company. a-Includes nonrecurring net charges of $360,900,000.

RISK

Monetary policy mistake

NUMBER OF ECONOMISTS
DEC. 2005
JUNE 2006

8

12

Inflation

4

8

Housing slowdown

15

8

Energy crunch

8

8

Trade imbalance

5

3

Federal-funds rate
The Fed raised its target interest rate
for the 17th consecutive meeting

June 30:
5.25%

6%
4
2
0
2004

2005

2006

Sources: Wall Street Journal survey; Thomson Datastream

Brothers chief U.S. economist Ethan
Harris, who gave Mr. Bernanke an A,
also gave the media a C for misinterpreting the Fed chairman.
Drew Matus, an economist at Lehman, said the latest statement, by raising the prospect of a pause, seems inconsistent with the hawkish rhetoric of
the past month—and as a result, the
Fed could “get caught in another credibility issue.” Yesterday, expected inflation, as implied by the behavior of inflation-indexed bonds, rose three-hun-

dredths of a percentage point.
Following the Fed decision, commercial banks raised their prime rate, a
benchmark for many consumer and business loans, to 8.25% from 8%.
—Serena Ng
contributed to this article.

Online Today: WSJ.com subscribers
can read economists’ reactions to
the decision, plus see how the Fed’s
statement compares with the one released
in May, at WSJ.com/OnlineToday.

1

a334.0
a833.0

334.0
833.0

611
119

Research InMotion ..............13wk6/3
RIMM (Nq)

613.1

35

...

129.8 –2.1

.17
.07

(.09)
(.14)

...
...

1.21
3.02

.17
1.40

612
116

.67

1.5

Robbins & Myers .................Q5/31
153.2 –2.8
...
a(0.07)
...
(.01)
.02
...
RBN (N)
L 9 mo
442.2 1.5
...
a(28.6)
... (1.94)
(.04)
...
a-Includes net charges related primarily to impairments and restructuring of $4,867,000 in the quarter and $37,301,000
in the nine months.
Roberts Rlty Inv ..................Q3/31
RPI (A)

...

...

(0.69)

(0.64)

...

(.11)

(.19)

...

Rockville Fin'l .......................Q3/31
RCKB (Nq)
Ç

...

...

...

1.95

113

.10

...

...

Saba Software ......................Q5/31
SABA (Nq)
Yr

23.1
71.2

92
69

...
...

(3.48)
(6.92)

...
...

(.12)
(.33)

(.03)
(.22)

...
...

Sanpaolo IMI ........................Yr12/31
IMI (N)
Amounts in euros.

...

...

2,018

1,983

37

...

...

...

SE Banken ............................Q3/31
eWSEB-A (F)
Ç
Amounts in Swedish kronor.

...

...

2,822

2,822

47

...

...

...

Star Buffet Inc .....................16wk5/22
18.8 –0.6
STRZ (Cm)
a-Includes a pretax gain of $234,000 from sale of assets.

...

a0.67

–23

.21

.27

–22

Systemax Inc .......................Yr12/31
2,116 9.7
SYX (N)
Ÿ
a-Includes nonrecurring pretax charges of $4,151,000.

...

a11.4

12

.31

.29

6.9

1.61

79

.04

.02

100

Topps Co................................13wk5/27
TOPP (Nq)
Ç

81.0

3.0

1.64

Universal Security ...............Q3/31
UUU (A)
Ç Yr

7.50
28.9

23
23

...
...

1.09
4.60

34
35

.58
2.52

.46
1.94

26
30

...
...

(0.05)
a(0.82)

...
...

...
(.03)

(.05)
(.24)

...
...

Valence Technol ...................Yr3/31
17.2
61
...
a(32.7)
...
VLNC (Cm)
a-Includes a gain of $383,000 from disposal of assets, an impairment and a settlement.

(.37)

(.40)

...

US Dataworks .......................Q3/31
2.08 217
UDW (A)
Yr
6.98 160
a-Includes a charge of $206,000 from extinguishment of debt.

Westwood Hldgs ..................Q3/31
WHG (N)
Ç

6.51

Street Sense is sold by
a roving crew of 45
vendors, most of them
homeless.
for evictions. A person answering the company’s phone this month said it would provide a 15-person crew to empty a two-bedroom apartment for $200.
Nelson Terry, chief executive of East
Coast Express Eviction, told Street Sense
that he hired workers through a temp
service, not off the street, according to
the article. Street Sense noted that the
rates charged by the temp service he
named are several times higher than
what East Coast Express Eviction
charges clients.
East Coast Express Eviction managers didn’t return calls from The Wall
Street Journal. A man who answered

one call said the firm had stopped doing
evictions. On another call, a different
man quoted a $200 price for a two-bedroom eviction. “If you have someone
other than East Coast handling your
evictions, you may want to reconsider
because at East Coast we offer professional service with a savings,” its Web
site says.
Word on the street is that some eviction companies are still recruiting the
homeless. “I would imagine that 80% of
the evictions in the city are conducted
by independent eviction companies,
rather than any in-house crew,” says
Robert Brandt, supervisory deputy of
the U.S. Marshals Service at District of
Columbia Superior Court. “Those eviction companies are almost without exception ones that pick up crews at the
homeless shelters as their primary
source of labor.”
Mr. Brandt says U.S. marshals accompany eviction crews to keep the peace
and make sure nothing is stolen, not to
enforce minimum-wage and other labor
laws.
Mr. Berger, the attorney, says his
legal team has been interviewing homeless men in shelters around the city,
trying to verify the Street Sense findings.
As for Mr. Ashford, the Street Sense
vendor and reporter, he says he’ll take
eviction work only to further expose the
companies’ practices. “Money like that
isn’t worth making somebody else miserable,” he says.

Last race, history was made.
You don’t want to miss the next one.

PER SHARE
%
CURR PREV CHG

.68

Lansford, chief executive of All American Eviction, told her that the company
sends only staff members to carry out
evictions.
Contacted by The Wall Street Journal,
Ms. Lansford denied having spoken to
Street Sense and said the company hadn’t
done evictions “in quite some time.” She
wouldn’t provide more details. The company’s Web site, however, offers a price list

Contact us at 1-800-PORSCHE or porscheusa.com. ©2006 Porsche Cars North America, Inc. Porsche recommends seat belt usage and observance of all traffic laws at all times.

Palm Inc ................................Q5/31
403.1
20
...
a27.2
53
.25
.17
47
PALM (Nq)
Ç Yr
1,579
24
...
a336.2 406
3.19
.65 391
a-Includes pretax charges of $22,613,000 in the quarter and $24,567,000 in the year primarily from legal settlements.

28

1.26

1.30

48

.23

.16

44

Worthington Indus ..............Q5/31
822.0 0.6
WOR (N)
Ç Yr
2,897 –5.9
a-Includes a gain of $26,609,000 from sale of Acerex.

...
...

a59.4
a146.0

46
–19

.67
1.64

.46
2.03

46
–19

BLACK

Chad Therapeutics ...............Q3/31
CTU (A)
L Yr

Top risks
The top threats to the U.S. economy in the next year, as
identified in a Wall Street Journal survey of economists,
and the number who cited each.

A Homeless Reporter Finds Job, and Story, in Evicting Others

DIGEST OF CORPORATE EARNINGS REPORTS
COMPANY

Watching the Fed

June 29, 2006

Explanatory Notes

RATE

that creates a challenge for new Fed
Chairman Ben Bernanke, who faces the
task of demonstrating he will be as
tough on inflation as his predecessor,
Alan Greenspan.
Mr. Bernanke suffered a setback in
that effort when he first raised the possibility of a pause in interest-rate in-

Everyone knows history repeats itself. Don’t blink, or you’ll miss out. Watch
as the RS Spyder reaches for yet another milestone after an unprecedented
one-two finish at Mid-Ohio. American Le Mans Series coverage.

American Le Mans
New England Grand Prix
Lime Rock Park • Lakeville, CT
Sunday, July 2nd, 4:00 pm (ET)

P1JW18100A-4-A01100-1---XA

Continued From First Page
(Fed) judges that some inflation risks
remain.”
Mickey Levy, chief economist at Bank
of America, termed it “a favorable statement from the market’s perspective, but
it’s a risky statement from the Fed’s perspective.” Inflation is likely to accelerate
over the next few months, reflecting the
lagged impact of strong economic growth
in recent years, he said, and that could
force the Fed to raise rates again.
Economists, investors and even some
on Capitol Hill have lately begun to
worry the Fed might raise rates too
much, tipping the economy into recession. That concern has been helping roil
markets in recent weeks.
In a new Wall Street Journal survey,
12 of 56 economic forecasters said they
saw a possible Fed “policy mistake” as
the biggest risk to the U.S. economy in
the next year—a greater threat than a
housing downturn, inflation, an energyprice crunch or avian flu. Six months
earlier, only eight economists cited a Fed
mistake as the biggest risk; a housing
downturn was at the top of the list.
Some Fed officials share the worries
about raising rates too far. All 10 voting

06/30/2006

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