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

To: IceShark who wrote (58372)	8/24/1999 3:34:00 PM
From: MythMan	Read Replies (2) \| Respond to of 86076

LOL! How's the auction business doing?

To: IceShark who wrote (58372)	8/24/1999 3:35:00 PM
From: Cynic 2005	Respond to of 86076

SummerCrap: -------- Tuesday August 24, 3:14 pm Eastern Time White House, Summers share Fed goals on economy WASHINGTON, Aug 24 (Reuters) - The Clinton administration said it backed the Federal Reserve's objective of sustaining economic growth on Tuesday, shortly after the U.S. central bank announced it was raising interest rates. ''We share the Federal Reserve's goals of maintaining healthy economic growth while preserving low inflation,'' Treasury Secretary Lawrence Summers and Council of Economic Advisers Chairman Martin Bailey said in a joint statement. Their comments were issued by the Treasury Department minutes after the Fed announced it was raising short-term interest rates a quarter percentage point. At the conclusion of a one-day meeting, members of the policysetting Federal Open Market Committee said they were boosting the federal funds rate a quarter percentage point to 5.25 percent on top of a matching increase on June 30. The Fed also said the discount rate was being increased a quarter percentage point to 4.75 percent, the first such increase in the rate charged banks for loans from regional Fed banks in more than four years. Summers and White House economic adviser Bailey repeated the administration position of respect for the Fed's independence in setting monetary policy. They did not say directly whether they favored rising interest rates. They noted the economy was continuing to expand and that new investments were strong and productivity rates were higher. ''We are committed to continuing fiscal discipline which will be an important part of sustaining this economic success into the future,'' Summers and Bailey said.