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To: John Pitera who wrote (47789)	6/17/1999 3:47:00 PM
From: Defrocked	Read Replies (2) \| Respond to of 86076

Increased real growth in Europe and Asia would be a catalyst for rising ex-US rates which could then exert upward pressure on US rates. This line of reasoning also opens the possibility of a declining US dollar, finally, as relative investment flows move ex-US with marginal real growth also favoring Europe and Japan. Might be better to go long yen after another intervention, however, which could occur again at 118. MOF/BOJ has sometimes exhibited a pattern of intervening twice as a warning and then letting the market resettle to, in this instance, say 115. Don't know if we'll get to 5.75%. Seems like a real gift to the hedgers if we do. One can only hope.<g>