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To: DMaA who wrote (26558)	8/6/1999 11:07:00 AM
From: MulhollandDrive	Read Replies (2) \| Respond to of 93625

That's true, but I see a dilemma here now for the FED. Greenspan has be steadfastly saying that he is concerned about wage inflation and thus far, the reason he has not raised rates is because the increased ECI has been offset by productivity gains. Well now we have a decline in productivity AND yet another increase in hourly wages(higher than expected), AND throw in a higher than expected job creation number. So irrespective of the Bond Market "doing his job" for him, if he ignores the employment data, my opinion is he creates serious credibility issue. Basically, I'm saying I think by his hawkish wage inflation comments, he has boxed himself in. bp