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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 677.56

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Jan 20 4:00 PM EST

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To: American Spirit who wrote (15768)	6/3/1999 2:19:00 PM
From: pater tenebrarum	Read Replies (1) of 99985

AS, admittedly the jury on inflation is still out...it may well be that the wrong bogey is being worried about. but i think the Fed's concern goes beyond that by now. the fear, i think, is that last year's rate cuts, designed to avert financial distress, have given the economic and financial asset bubble an unwanted shot in the arm, and have therefore greatly increased systemic risk. now the Fed has to put on the brakes in a sort of damage-control exercise, before things get out of hand. of course, it may be too late for that. imo the last 1/4 point cut was completely unwarranted and will be taken back. regards, hb

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