Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 171.54

+0.4%

Nov 10 3:59 PM EST

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To: Maurice Winn who wrote (123195)	8/14/2002 6:31:56 PM
From: Art Bechhoefer	Read Replies (2) of 152472

Maurice, while I do not try to predict where interest rates are going, the downward bias expressed by the Federal Reserve on Tuesday suggests that short term rates at least are likely to drop as the economy bumbles along with only modest growth. On the other hand, with pressure on inflation coming from (1) reduced grain yields from a major drought in the midwest and (2) continued high prices for crude oil, natural gas, and refined oil products (due in part to the filling of the petroleum reserve in case of a war with Iraq), long term interest rates may be headed up in line with your own prediction. It's also unlikely that the Federal Reserve will reduce the federal funds rate if inflation picks up. They're really big on dampening the effects of inflation, even if it means dampening the whole economy. Frankly, I don't see much likelihood of an increase in demand for credit. Maybe foreign demand for U.S. dollar denominated securities, but scarcely anything else. JMHO. Art

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