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Strategies & Market Trends : John Pitera's Market Laboratory

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To: OX who wrote (3942)	5/30/2001 3:59:27 PM
From: John Pitera	Read Replies (2) of 33421

Chicago Fed President Michael Moskow, who votes in the FOMC, is on the wires commenting on economic outlook from a Rotary Club in Illinois. The crux of the speech centers on his observation that economic recovery should begin later this year, but is still wary of economic weakness. He believes that inventory concerns are still fairly significant, and moreover, that correcting an overhang in technology capital goods is of paramount importance. His optimism for the U.S. economy lies in productivity and the aggressive nature of the FOMC. Lastly, he goes against Greenspan's "contained" argument on inflation by saying that while economic weakness is the focus of policy, inflation cannot be ignored. Moskow answering some Q&A. He says that yields are backing up in the long end in response to inflation fears and optimism about recovery, and that productivity has supported a strong dollar. In spite of his cautious stance on inflation, he does not think that the Fed has eased too much. He is also very supportive of the Bush tax cut as its passage was efficient and its timing beneficial.

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