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To: Dwight E. Karlsen who wrote (77296)	11/30/1999 9:02:00 AM
From: pater tenebrarum	Read Replies (1) \| Respond to of 86076

Dwight, good to hear about your towel....the maintenance period refers to their liquidity splurge. since the note auctions have mopped up some of that liquidity and credit demand is as feverish as ever, they can't manage to keep the funds rate on target. imo even if they injected more liquidity it wouldn't help. the reason is that the added liquidity apparently runs presto into the stock market every time, and the credit markets are beginning to think about all this money that gets printed...something will have to give in other words. they could conceivably keep the charade up for a while yet, but i suspect that sooner or later there will have to be a decision made whether it's the stocks or the bonds that are more important. however, it is probably too late for that. the bubble has entrapped the Fed for good. all they can now do is try to muddle along and pray that Y2K really is a non-event. hb