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Technology Stocks : PairGain Technologies
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To: Mark who wrote (31395)5/16/1999 10:16:00 PM
From: WTSherman   of 36349
 
<I realize that all bets are off if the Fed does the unthinkable
and raise rates.<

You're absolutely right about that, but, it I really doubt there's any chance. I think that most of the Fed committee members would like to raise rates, since they are very concerned about inflation(rightly so, IMO). But, the fact is that if they raise rates it will cause a very serious ripple effect internationally and could stampede a great deal of capital out of the very countries that the Fed is very anxious to see turn their fortunes around. A rate raise will result in an immediate increase in exchange rates with most countries and this will put huge pressure on their currencies, especially the weak Asian, South American and Russian. For this reason alone, they won't do anything until they are absolutely forced.

Like it or not(and I'm sure Greenspan doesn't) the Fed is no longer the central bank of the U.S., its now the central bank of the world...
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