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To: KevRupert who wrote ()5/16/2000 2:37:00 PM
From: KevRupert   of 186
 
Greenspan: 50 points

TM: Thanks for the email,

Discount Rate: 6% from 5.5%

Fed Funds Rate: 6.5% from 6%
-Highest since '91

It was the sixth hike since June, but the first 50 point hike since 2/95. Past 5 hikes were 25 points.

"1q Employment Cost Index and GDP report detected higher levels of inflation."

Federal Open Market Committee comments:

"Increases in demand have remained in excess of even the rapid pace of productivity-driven gains in potential supply, exerting continued pressure on resources. The Committee is concerned that this disparity in the growth of demand and potential supply will continue, which could foster inflationary imbalances that would undermine the economy's outstanding performance."

FOMC believes the economy is still at risk of higher inflation. This was expected, and indicates potential for additional increases. Next FOMC meeting, 6/27 - 6/28.

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