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To: Amots who wrote (63931)	9/23/1999 7:09:00 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 86076

Amots, remember that i pointed out the risks of developing cost-push inflation contained in the PPI data...raw materials was the biggest item, up 21,6% annualized EXCLUDING energy. i think that was one of the main reasons why the market didn't greet the 'benevolent' PPI and CPI with the usual hurrah. Kudlow and consorts were up to now able to point to gold as proof of "no inflation"(nonsense anyway, since inflation is not really defined by rising goods prices but the expansion of the money supply), now this "proof" is beginning to fall by the wayside as well. the markets seem to get the message slowly but surely. btw, i believe that Ecuador's quasi default put a bid under the bond market today, which is why stocks ignored the rally in the bond in the end. the economic crisis is not gone as the IMF and others would have us believe, it has merely shifted it's focus.