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To: Tim J. Flick who wrote (636)8/30/1998 3:59:00 PM
From: Hawkmoon   of 655
 
Tim,

The one hint that the Fed will drop rates was hidden in Greenspan's comments in Jackson Hole, WY last week.

While not mentioning rate reduction specifically, he did mention that it was imperative that central banks seek stability in prices. The only way to do that would be for the Fed to weaken the US dollar and hints that he may be pondering just that step.

However, until the situation shows "clear and present danger" to our own economy and foreign gov't recognize the need for immediate banking reforms, I expect any Greenspeak to revolve around economic brinksmanship between the central banks.

Btw, did I mention that Y2K was 488 days away??

And with the inevitable cash withdrawals by depositors affecting central banker's cash reserves worldwide, there might exist considerable pressure for bankers to maintain interest rates at high levels to prevent a rash of withdrawals. So now we see 1999 will likely become a tug of war between lower and higher rates.

May we live in interesting times.

Regards,

Ron
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