The recent run-up in interest rates and a return to a generally bearish sentiment in the market is likely to cast a pall over the corporate debt market.

The dollar finished mixed yesterday amid generally bearish sentiment.

Lower interest rates are generally bearish for the dollar because they reduce the value of dollar-denominated securities.

Higher foreign interest rates are generally bearish for the dollar since investors who want to capture those returns must buy foreign currencies to do so.

Yesterday's market performance also reflected the generally bearish attitude of traders that has pushed the dollar from its summer highs down to where it was in June.

A parabola below the price is generally bullish, while a parabola above is generally bearish.

"That, coupled with developments in the oil markets, led to the price decline in the fixed income market, which at this point has a generally bearish outlook anyway."

Current Strategy: "We're generally bearish on the outlook for U.S. technology stocks."

Mr. Grant said of the generally bearish tone of his reports: "We're not against things going up.

In yesterday's generally bearish market on the New York Stock Exchange, Scott Paper dipped 12.5 cents, to $65.50.