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To: kendall harmon who wrote (56831)	8/20/1999 11:24:00 PM
From: ynot	Read Replies (1) \| Respond to of 120523

kudlow is a tout, just like the joker who said BUY BUY BUY the other day on the inuts, imho just enough so folks will buy when the FOMC bumps rates and guess what, it won't mean a thing, because kudlow says, 'we rally', pathetic just my warped opinion regards ynot ;)

To: kendall harmon who wrote (56831)	8/22/1999 1:52:00 AM
From: Doug Robinson	Respond to of 120523

Kendall, I don't agree with you "that the Fed HAS to raise rates" because "it is an issue of credibility in the markets". When did they telegraph this? They went neutral at this past Fed meeting. Since then the only thing that AG has said is that he would raise rates in a preemptive move at any sign of inflation. He's been saying that for years for those that have been listening. They don't have to worry about "high street trust" because they have not made any firm commitment to raise rates. I've heard a lot of bond and stock analysts say that his credibility might be suspect if he doesn't raise rates but that's more likely a result of their recent investment positions and not one of anything that Greenspan has said. Fedspeak is considered just that by those that follow the markets and Fedspeak is a total non commital form of economic noise, as well it should be, that is used to encourage the markets to take actions, relieving the Fed of the actual need to do so. While personally I don't think the Fed has to raise rates and wouldn't be surprised if they didn't, I am of the school of thought that the Fed would like to take back another one of the three rate cuts that it made this past fall for liquidity problems (setting up the easiest money making opportunity for the past several years for anyone that has taken Eco 101)and so will probably increase rates. If they don't, the bond market will shortly follow with a rate decrease - interestingly already having taken place with a quarter point decline this past week in the long bond. Maybe the bond folks aren't as sure of an increase as some may think they are.