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To: limtex who wrote (33587)	6/29/1999 1:51:00 PM
From: DWB	Read Replies (1) \| Respond to of 152472

Great summary. One other thing to keep in mind is that if the Fed raises rates, an already strong dollar will see another rush from around the world. If the Fed adds fuel to this fire by raising interest rates even just a quarter of one percent, the dollar will move higher. A strong dollar, never mind a super strong dollar puts downward pressure on U.S. inflation, economic growth and interest rates. And then the Fed "geniuses" will have to hold a press conference to tell us how they pulled us back from the brink, and start lowering rates again... DWB

To: limtex who wrote (33587)	6/29/1999 8:15:00 PM
From: Rick	Read Replies (1) \| Respond to of 152472

"Well IMHO this is now the policy - whack the market. The FED just doesn't like the idea of the market. You can't like a market at one level and then say that because you think its too high you don't like it. That is what markets are all about." Great post! Have you noticed that the Fed's policy seems identical to the editorial position of such magazines as "Economist"? I.E. As the U.S. stock market is a bubble, it's ok to burst it now because things will only be worse in the future. This is not about the phantom menace of inflation, but high P/E ratios. Fred