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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club

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To: Justa Werkenstiff who wrote (10499)	12/21/1999 4:16:00 PM
From: Justa Werkenstiff	Read Replies (1) of 15132

Justa: Does he have the Fed. meetings bugged? How does he do it? What a great call: "Wally: The tightening bias is a very close call come next week. In normal times, it would be a sure thing. But I would guess that the Fed. is afraid of Y2K and those concerns would be placed before its economic concerns at least temporarily. So I lean towards the neutral bias. On the other hand, would the market interpret the neutral bias as a green light? That is a huge risk and the Fed. must neutralize this risk through either wording or the modification of their bias announce policy. This is why the Fed. has been debating the whole bias issue. So Greenspan will walking a tightrope on this one." From the Fed.: "Nonetheless, in light of market uncertainties associated with the century date change, the Committee decided to adopt a symmetric directive in order to indicate that the focus of policy in the intermeeting period must be ensuring a smooth transition into the Year 2000." Bottom line: They would have gone to the tightening bias but for Y2K. So, I guess this is a de facto tightening bias FWIW.

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