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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: Justa Werkenstiff who wrote (12885)3/30/2000 1:02:00 AM
From: Justa Werkenstiff  Read Replies (2) of 15132
 
Here come the patsies <g>:

Thursday March 30, 12:46 am Eastern Time

Fed's McDonough says U.S. to raise rates gradually

TOKYO, March 30 (Reuters) - The head of the Federal Reserve Bank of New York said
on Thursday the U.S. central bank would keep raising interest rates gradually until it achieves
a slowdown in booming domestic demand.

Answering questions after a speech in Tokyo, William McDonough said he believed the
United States needed to reduce its current account deficit to around two percent of gross
domestic product from more than four percent now to reduce U.S. reliance on foreign
capital.

So far, however, American spending on housing, cars and durable goods was not slowing much despite the succession of
quarter-point interest rate increases.

``The effect of monetary policy, the tightening so far, has been very modest,' said McDonough, who described the Fed's
approach as incremental.

Turning to exchange rates, McDonough said the weakness of the euro has some European central bankers concerned. But
from an economic point of view it represented no problem. Similarly, the yen/dollar rate represented no problem for the U.S.
economy, he said.

McDonough expressed great optimism about Japan's economic prospects, and said his confidence was shared by sophisticated
U.S. investors. who were telling him that they were ``absolutely euphoric' about Japan's prospects based on its embrace of
new technologies and restructuring of old industries.
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