Formerly About Applied Materials Message Board

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Politics : Formerly About Applied Materials

AMAT 258.64

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Dec 16 3:59 PM EST

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To: akidron who wrote (18725)	4/10/1998 11:56:00 PM
From: Ian@SI	Read Replies (1) of 70976

Aki, re: fred meyer... of greenspan inc, suggested higher interest rates were probable in a speech last night... Is Fred Larry's brother? Did Fred give a speech which had considerably different content than that given by Fed Reserve Board Governor Lawrence Meyer. April 9, 1998 Governor Laurence H. Meyer Presented to Public Policy Meeting, Federal Reserve Bank of Atlanta and an excerpt from the speech giving the exact opposite message as that of your "suggestion". By the way, nowhere in the speech was I able to detect any indication that "higher interest rates" are probable or even likely. Rather, there were several passages which provided a case for tightening immediately followed by the case for leaving things alone. ... The second story I call "permanent bliss." This story emphasizes the possibility that structural changes have permanently altered what the economy is capable of delivering in terms of both average growth and the unemployment rate consistent with stable inflation. In this interpretation, monetary policy must be careful not to interfere with the economy taking advantage of its improved potential. ... But the whole speech is interesting and worth reading, IMO. This can be done at: bog.frb.fed.us The speech left me with the impression that the Fed is not in unanimous agreement re the actions required, if any, to preserve this economic boom. ... and that any individual member may hold different views on different days (or perhaps even the same day). Maybe they should join us on this thread. :-) Ian.

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