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To: Wally Mastroly who wrote (11298)	1/19/2000 10:13:00 AM
From: Wally Mastroly	Respond to of 15132

and from the Richmond FED: biz.yahoo.com Y2K cash not affecting U.S. markets-Broaddus GREENSBORO, N.C., Jan 19 (Reuters) - Federal Reserve Bank of Richmond President Alfred Broaddus said on Wednesday that the unwinding of cash built up at the end of last year was not a factor in U.S. financial markets. ''That's being unwound, and frankly I don't see that as an issue'' for U.S. financial and stock markets, Broaddus told a business group. ''The Y2K effect on liquity and money supply generally, like the rest of the Y2K effect, is likely to be a non event,'' he added. Broaddus also said there was capacity remaining in the goods production sector, although manufacturers still face constraints from a tight labor market. ''That's a factor that could give us a bit of comfort as we look at the outlook,'' he said. Asked if rising long term interest rates signaled rising inflation, he said, ''I don't think that's the case at this point.'' Broaddus said strong demand for goods in the United States has been met in part by rising imports, but that ''safety valve'' could have less of an effect as international economies strengthen. ''This safety valve that we have been able to rely on to some extent may diminish,'' he said.

To: Wally Mastroly who wrote (11298)	1/19/2000 10:13:00 AM
From: Wally Mastroly	Read Replies (1) \| Respond to of 15132

and from the Richmond FED guy: biz.yahoo.com Y2K cash not affecting U.S. markets-Broaddus GREENSBORO, N.C., Jan 19 (Reuters) - Federal Reserve Bank of Richmond President Alfred Broaddus said on Wednesday that the unwinding of cash built up at the end of last year was not a factor in U.S. financial markets. ''That's being unwound, and frankly I don't see that as an issue'' for U.S. financial and stock markets, Broaddus told a business group. ''The Y2K effect on liquity and money supply generally, like the rest of the Y2K effect, is likely to be a non event,'' he added. Broaddus also said there was capacity remaining in the goods production sector, although manufacturers still face constraints from a tight labor market. ''That's a factor that could give us a bit of comfort as we look at the outlook,'' he said. Asked if rising long term interest rates signaled rising inflation, he said, ''I don't think that's the case at this point.'' Broaddus said strong demand for goods in the United States has been met in part by rising imports, but that ''safety valve'' could have less of an effect as international economies strengthen. ''This safety valve that we have been able to rely on to some extent may diminish,'' he said.