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Pastimes : Ask Mohan about the Market

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To: Cynic 2005 who wrote (6973)	11/4/1997 2:05:00 PM
From: Defrocked	Read Replies (1) of 18056

The Fed has to assume a "do-nothing" mode and they do not like being backed into this inflexible corner. Raising interest rates now would assure a recession IMHO. And lowering interest rates will quickly reinforce the notion that the Fed cannot "control" the price of money. The ensuing inflationary potential, damage to their reputation of vigilence and rapid rise in long term yields would take years to correct. AG and the Board will only provide limited reserves to temporarily cash-strapped banks and will necessarily sit back and say "WE TOLD YOU SO". BWDIK.

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