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To: Glenn D. Rudolph who wrote (76910)	9/8/1999 12:06:00 AM
From: 10K a day	Respond to of 164684

Mr. Comedian... Message 11180743

To: Glenn D. Rudolph who wrote (76910)	9/8/1999 1:28:00 PM
From: Eric Wells	Respond to of 164684

IMF warns of overheating US economy Not that the IMF has ever been known to have any impact on US markets. And my posting of this article is certainly no endorsement of the IMF or their predictions. But here it is: vny.com =========================== IMF warns of overheating US economy Wednesday, 8 September 1999 5:51 (GMT) (UPI Focus) IMF warns of overheating US economy LONDON, Sept. 7 (UPI) - The International Monetary Fund will suggest that the United States raise interest rates to forestall a possible overheating of the American economy. The Financial Times is reporting today that the IMF, in its soon-to- be-released semiannual report on the world economy will raise its estimate for world economic growth from 2.3 percent to 2.8 percent, a figure fueled greatly by the expected 3.7 percent growth of the U.S. economy. The newspaper says details of the report were released by Dutch Finance Minister Gerrit Zalm in a letter to the finance committee of the lower house of Parliament. The IMF will say that since the U.S. economy continues to expand "almost without price or wage pressure," tighter monetary policies may be needed. The newspaper quotes Zalm's letter as saying, "In order to limit the risks and to prevent overheating, timely increases in interest rates are probably needed and the sober budget policies of recent years must be maintained." The next few weeks in Washington could tell if that last piece of advice is heeded, as the U.S. Congress returns facing tight deadlines was passing a series of budget measures. According to the letter, the IMF is increasing its estimate of growth of the U.S. economy from 3.0 percent to 3.7 percent. Fund officials are expected to keep their projection of economic growth in the European Union steady while the situation among the economies of the countries of Asia is improving. The document says that since economic depressions in Brazil and Russia have not been as deep as expected and Japan and the EU are rebounding, the world economic outlook has "considerably improved." According to the Financial Times, the IMF is prepared to revalue nearly 10 percent of its 103-million ounce gold reserve to market value after an agreement on debt relief for poor countries became "politically unreachable." The IMF is scheduled to formally release its semiannual report on Sept. 22. -- Copyright 1999 by United Press International. All rights reserved. -- Copyright 1999 by United Press International ===========================