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To: woody who wrote (19090)	6/16/1999 8:57:00 AM
From: William G. Murray	Read Replies (1) \| Respond to of 27722

The Fed is looking out 12 months and more in their projections. A .25 point increase is almost a sure bet. The market has at least this amount priced in. Our concerns of .50 point increase should vanish in the near term market. The only positive from the Fed meeting would be a change in bias to "neutral" which IMHO is unlikely. B.M.