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To: Jim Patterson who wrote (137366)	7/22/1999 3:05:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 176387

Well if there is any sign of inflation of course he/Fed will raise the rate that his/their job and implied already,nothing new.I thought this is what he says at all the meetings. Tax cut is stimulative but that in itself not a good reason at this time,for one thing we haven't gotten it yet.The previous PPI/CPI numbers didn't give any indication of inflation either,the next one may be or may be not.Housing numbers were also down.Commodity prices are still within manageable levels,last time I looked the CRB index was still below 200.Imports are still high enough to help the inflationary pressures, I smell 'Wall-Street-dimtwit-scam'.

To: Jim Patterson who wrote (137366)	7/22/1999 3:09:00 PM
From: Lee	Respond to of 176387

Jim,..Re:. and if I see any signs of inflation I will raise Don't know where you've been for the last 20 years or so but that statement is the mantra of the Fed. Been saying that forever. You are selectively hearing things? Alan said, if the economy slowed substantially for some unknown reason, then a stimulative tax cut could be beneficial in restoring demand. He also said he does NOT agree with a tax cut now, in fact said it several times. Wants to see the surplus in case it's really a mirage! These statements are also old statements said on at least two previous occasions this year. The May CPI already registered the shock of higher oil prices, maybe you missed it? stls.frb.org Regards, Lee