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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club -- Ignore unavailable to you. Want to Upgrade?

To: Justa Werkenstiff who wrote (7288)	7/29/1999 10:55:00 PM
From: Justa Werkenstiff	Read Replies (2) \| Respond to of 15132

Implied Yield We have a .25 basis point move by October discounted in the stock market IMO. May not be fully discounted for the August meeting but it is damn close IMO: " The federal funds rate, the interest rate charged by U.S. banks on overnight loans to other banks rose 38 basis points to 5.13 percent, 13 basis points above the Federal Reserve's target rate of 5 percent. The Fed's policy-making Open Market Committee on June 30 raised the overnight bank lending rate 25 basis points to that level from 4.75 percent. The FOMC meets next Aug. 24. The implied yield on the fed funds futures contract for September delivery rose 3 basis points to 5.17 percent, 17 basis points above the target. The implied yield on the October contract rose 4 basis points to 5.25 percent, 25 basis points above the target. The spread between the yield on the futures contracts and the fed funds target suggests investors expect the Fed to raise the overnight bank lending rate again by October."