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Strategies & Market Trends : Gorilla and King Portfolio Candidates

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To: Mike Buckley who wrote (38762)	2/1/2001 9:20:59 AM
From: BDR	Read Replies (2) of 54805

There are two different rates being discussed. The site you referenced here: woodrow.mpls.frb.fed.us refers to the discount rate, "the rates charged by Reserve Banks when they extend credit to depository institutions either through advances or through the discount of certain types of paper, including ninety-day commercial paper" and shows an increase in that rate begining 8/25/99. THE FOMC meetings set the Fed Funds Target and that is the figure announced yesterday and it is the one we read about in the headlines- "the target rate on overnight loans between banks" according to this article: quote.bloomberg.com and this site shows that that rate was raised starting even earlier on 6/30/99 (actually it lists both the target and discount rates for comparison): quote.bloomberg.com In either case, the Fed did not stop the market in its tracks with rate raises.

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