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Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: MythMan who wrote (57934)	8/23/1999 3:19:00 PM
From: accountclosed	Read Replies (1) \| Respond to of 86076

hey, i bought oex puts today. what kind of indicator is that? <gggg>

To: MythMan who wrote (57934)	8/23/1999 3:31:00 PM
From: bill meehan	Read Replies (1) \| Respond to of 86076

Don't know, MM. I'd be interested in seeing that question answered by someone much better versed in the Fed's open market operations.

To: MythMan who wrote (57934)	8/23/1999 6:58:00 PM
From: Joan Osland Graffius	Read Replies (1) \| Respond to of 86076

MM, I certainly am not an expert on the Fed, but once the Federal Open Market Committee agrees on the funds rate, the Open Market Desk at the Federal Bank of New York is responsible to keep the actual funds rate close to the intended rate. The Desk proceeds by buying and selling government securities for the Federal Reserve account, or by engaging in transactions that are the practical equivalent of buying and selling government securities. It looks to me like the Open Market Desk has had a difficult time keeping the actual funds rate close to the intended rate. Joan