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To: Joan Osland Graffius who wrote (65665)	10/1/1999 9:30:00 AM
From: Defrocked	Read Replies (2) \| Respond to of 86076

Let me see...if the ECB boosts by 25bps then we need 25bps more here. And if the Japanese economy stays on track pushing rates up 25bps there, then we need some more here again. And some more, and more, until stocks sell off. Hey wait a minute...does this mean the dollar isn't a safe haven anymore?-s- I'd better pick me up some more Euros, yen and gold!<g><ng>

To: Joan Osland Graffius who wrote (65665)	10/1/1999 9:32:00 AM
From: clochard	Respond to of 86076

>>I wonder how far the bond boys/girls are going to have to push the rates up to keep the foreigner supporting our debt. Does your group have a guess on this issue?<< The government will have to borrow heavily again because there will be no surplus after the sh*t hits the fan. They will have to start paying for soup lines, share buybacks, welfare, etc.

To: Joan Osland Graffius who wrote (65665)	10/1/1999 10:31:00 AM
From: bill meehan	Read Replies (2) \| Respond to of 86076

Joan, I have not looked at the bonds for a yield target, and I don't know what our bond boys are thinking. I've been much more interested in direction and the impact on the stock market. However, the big problem is that foreigners have been big buyers of corporates to take advantage of "attractive" spreads. It will be difficult to find bids in the not too distant future, so I'm not sure there's a rate that will entice foreigners to hold. 105.16 area basis Dec looks doable.