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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (33687)	10/10/1998 2:39:00 AM
From: Merritt	Read Replies (1) of 132070

Mike: CNBC repeatedly said today the Fed was going to cut rates (always accompanied by a disclaimer of it being a rumor), and Wayne Angel was reported to be calling clients to alert them that the Fed would be cutting rates (again, another rumor). I wasn't able to follow the bond market today, but I heard bonds made a dramatic reversal...if that's true, then I suspect that whichever hedge fund was unwinding a short treasuries position has completed the move, and the Japanese repatriation of money has finally shown its effect on bonds. If this is true, then the bond market and the dollar will continue to be pressured (which seems likely, as the commercials have a large short position). So how in the heck is AG supposed to cut rates? Best regards, Merritt

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