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To: BGR who wrote (75123)	11/12/1999 5:34:00 PM
From: Earlie	Respond to of 86076

Hi BGR: This has been one of the worst years in a long time for the bond boys, driven by increased offshore distaste for U.S. treasuries. This will worsen. From my perspective, the bond vigilantes are doing Greenspan's job for him. Last week's European hike will inevitably put upward pressure on U.S. rates, as that nasty differential had better be maintained or "the wave" comes ashore. I don't envy Greenspan as he tries to force feed even more liquidity into the system to diffuse any possible Y2K related bank worries yet keep the mighty mountain of offshore treasuries from rolling back home. Looks like he has decided, at least until year end, that a mad stock market is a cheaper price to pay than the future costs of this liquidity binge. I also note that his term expires near term,.... let the boys on the next watch deal with that big white shape out there on the horizon. (g) No opinion on the two sectors mentioned. I've been buried in the PC/semi sector of late as that is where much of the heavy money is laid up. Best, Earlie