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To: Steeny who wrote (19421)	6/1/1999 1:20:00 PM
From: D.J.Smyth	Read Replies (2) of 41369

Steeny, your comment <<This morning, NY Fed President Mcdonough(a voter) said that April's CPI was NOT an aberration. He said this at about 9:45am. Don't have a link. It came across Bloomberg.>> From the Dow Jones: <<New York Fed President William McDonough said that policymakers can't allow inflation to "take off." He said the Fed's recent switch to a tightening bias shows a shift in the balance of risks and that he isn't sure the jump in the April consumer price index was an aberration.>> Said "he isn't sure" isn't the same as "was NOT an aberation". The rate of increase of housing starts is as important as the overall number. The population transfer from mid to upper is having a significant effect on the housing starts, but this is leaving a lot of unsold homes/real estate in the mid range. isn't there a population increase per group as well to account for much of the housing data?

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