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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 165.13+1.1%Nov 26 3:59 PM EST
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To: marginmike who wrote (41486)9/16/1999 3:34:00 PM
From: Ruffian  Read Replies (1) of 152472
 
Thursday September 16, 3:16 pm Eastern Time

Merrill Lynch now foresees November U.S. rate hike

NEW YORK, Sept 16 (Reuters) - Merrill Lynch & Co. said on Thursday it now expects the
Federal Reserve to raise interest rates in November, from its prior forecast of only a possible
rate increase.

''We always had nothing in October and we continue to stick to that, but we did not call for
one in November. Now we are saying there will be a 25 basis point rate hike in November,''
Merrill Lynch senior economist Mary Dennis told Reuters.

Merrill and other firms had been reluctant to forecast a rate hike in November because of
potential Y2K liquidity problems late in the year. But last week, the Fed announced measures
to ensure there would be enough liquidity in the system heading into the year end.

''The only thing that was holding us back was the Y2K liquidity problem, but the (new measures) definitely give (the Fed) more
flexibility,'' Dennis said.

She said another Fed rate hike was warranted due to continued strong economic growth and rising input prices.

Merrill forecasts gross domestic product (GDP) will grow 5 percent in the third quarter and 3.5 percent in the fourth quarter.

The Fed lifted the federal funds rate by 1/4 point in June and again in August. The Fed next meets on October 5 and then on
November 16.
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