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To: Lee who wrote (2106)	6/28/1999 4:41:00 PM
From: Raymond Duray	Read Replies (1) \| Respond to of 6531

Re: OT - FFTs / Fed Policy Hi Lee, First of all thanks for the FFT references, looks like these might take more than 5 minutes to get through ;-)). Regarding Fed policy, I didn't quite understand "...last fall and the illiquidity (bond/corporate market) alarmed them the most." To my way of thinking, the last 25 basis point cut was necessary to re-liquify the stock market as well as the bond market. Were the intransigent FOMC members (those opposed to the last cut) merely acting like deer in front of the metaphorical headlight? Not knowing which way to turn in view of the turmoil in the bond sector? Could you please amplify on your explanation of the events around Oct. 5-15 '98? Thanks. Best, Ry