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To: Mohan Marette who wrote (136686)	7/15/1999 9:03:00 AM
From: Ian@SI	Read Replies (1) \| Respond to of 176387

Mohan, I suspect that Greenspan would like to have some "rate decreases in the bank". As we've seen this week in Latin America, the global recovery is still rather fragile. As we saw in Japan, lowering rates when they're already near zero, doesn't have any economic affect on anything. By doing its "preemptive" strike, Greenspan has given the Fed a little bit of maneuvering room should another economic calamity emerge. If the Fed rate were much below 5%, stimulative affect of lowering would be minimal even at the margin. By the same token, given the current growth environment, 25 or 50 basis points up isn't going to take away the candy bowl. FWIW, Ian. P.S. to Pete, Hope Lee gets well soon. I too miss her informed commentary. Please send her my best wishes.