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To: Ian@SI who wrote (131860)	6/9/1999 10:28:00 AM
From: Lee	Read Replies (2) \| Respond to of 176387

Hi Ian,..Re:. the government has substantially overestimated the inflation in the system. Yep, Alan said in his May speech that they (economists in general) were pretty bad when it comes to forecasting inflation. <g> bog.frb.fed.us Forecasts of inflation and of growth in real activity for the United States, including those of the Federal Open Market Committee, have been generally off for several years. Inflation has been chronically overpredicted and real GDP growth underpredicted. I don't know if this will calm down the hawks or not but Broaddus has already come out with some dampening comments. (Even after his remarks just last week about demand!<g>) U.S. consumer demand may be slowing - Broaddus biz.yahoo.com But the Richmond Fed put in a disturbance so we'll just oscillate at large amplitudes until after the FOMC meeting. <vbg> Richmond Fed's Owens says wages rising sharply biz.yahoo.com Also, that last jobs report where they revised the April job growth up by over 100k makes one wonder about the accuracy of their measurements. When I traded bonds more often and the government revised 'good news' reports significantly higher the next month, I used to think it was a conspiracy to keep the markets calm. Mainly because bond traders are not as likely to be as paranoid about month-old data. LOL! Worked too! Cheers and thanks for the comments, Lee BTW - TYX at a new high at 6.10 for this year. 204.71.198.40:443/928938007130?User=demo&Pswd=demo&DataType=GIF biz.yahoo.com Most U.S. debt futures ease, erase firm tone