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Non-Tech : GREENSPAN's Market Influence
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To: Secret_Agent_Man who wrote ()8/24/1999 7:45:00 PM
From: Secret_Agent_Man   of 37
 
14:22 ET Fed Announcement : if you focus on the rate hikes or the policy directive, you are
probably missing the most important part of today's decision -- the wording of the announcement.
The Fed said that "Today's increase in the federal funds rate, together with the policy action in June
and the firming of conditions more generally in U.S. financial markets over recent months, should
markedly diminish the risk of rising inflation going forward." The reference to markedly diminishing
the risk of inflation suggests that the Fed is less likely to tighten again in October. This is not a
guarantee that there won't be more rate hikes, but it will take more clear evidence of inflation to
prompt another tightening. That's good news for stocks.
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