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To: John Pitera who wrote (58994)	8/27/1999 11:51:00 AM
From: bill meehan	Read Replies (1) \| Respond to of 86076

John, I see the market dipped a bit on the release of Mr. G's speech. Just finished reading it. I thought he was on to something when he noted inflated earnings due to treatment of options and the bull market's impact on pension funds, but he said undercapitalized expenses have more than offset those factors. The most important phrase, I believe, was towards the end: "We no longer have the luxury to look primarily to the flow of goods and services, as conventionally estimated, when evaluating the macroeconomic environment in which monetary policy must function."