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Strategies & Market Trends : Currencies and the Global Capital Markets
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To: Robert Douglas who wrote (2993)2/9/2001 5:28:54 PM
From: Yorikke   of 3536
 
I didn't intend to imply that I thought the Fed was accommodative given its easing. I believe its very necessary. However AG is likely to be considering the inflation number, and the future possibilities of increased pressure on/of inflation. He has a history of making both Government and Business jump through the inflation hoop that he holds.

That aside I believe they may do another .50 next meeting, maybe even more. AG is not averse to moving in steps greater than 1/4,. and the fed has a record of doing so at times. I think we may see the 'true' interest rate at zero in the not to distant future. But I believe AG sits there listening to the similar arguments you have posed and accepts them; but says something like. 'I have a relatively distinct uneasiness about being perceived as moving to fast, and, though it is certainly not our intent, of initiating the very resurgence of exuberance we have so long sought to give subtle disinclination to and thereby bringing about, or at least leading to an expansion of demand that may fuel, albeit over many quarters, those inflationary tendencies that have an extended, in a timely sense, impact on the long term bond rates; hence pushing in a direction we have not been leaning. .
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