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Technology Stocks : Amazon.com, Inc. (AMZN)

AMZN 244.41

+0.6%

Nov 7 9:30 AM EST

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To: GST who wrote (64849)	6/27/1999 5:39:00 PM
From: BGR	Read Replies (1) of 164684

GST, IOW, you think that tightening will impact the equities market more than the main street market. That may very well be the case. However, the undeniable fact is that yield changes are going to have some effect on the main street mmarket. People will buy houses and cars, sure, but at a different rate as interest rates change. The Fed's ultimate focus is not the equities market, it is the main street market. The crucial thing IMHO is to forget about the equities market and concentrate on what is the Fed's target growth rate for the main street economy and what yield level is best suited for that. Most Fed watchers think that the earlier is 3% (2% from productivity and 1% from labor growth). So, what interest rates do you think the Fed considers necessary for that? As for what the market thinks, I believe the maxim has always been to never fight the Fed. The Fed may be on the side of the market, may be not. But the Fed's side is the side to be on. And that will become clear at the FOMC meeting. -BGR.

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