31.   That led bond traders to reverse their earlier bets that the Fed could hold off raising rates.

32.   That has some economists betting that central bankers will refrain from raising rates further when they meet next Tuesday.

33.   The Bank of Japan will probably hold off on raising rates until later this year, he said.

34.   The Bank of Japan will probably hold off on raising rates until the next tankan, to be conducted in August, he said.

35.   The bond market believes the Fed is serious about raising rates, and that will put downward pressure on stocks.

36.   The Fed has held off raising rates this year on the theory that the economy would eventually slow on its own.

37.   The Federal Reserve might hold off raising rates until that situation settles down, he said.

38.   The government has feared that raising rates would cause social instability or drive away foreign investment.

39.   The most interesting aspect of his forecast is that the easing may come only after the Fed learns its lesson the hard way by first raising rates.

40.   Therefore, raising rates too early might derail recovery.