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To: Lee who wrote (79413)	3/13/2000 9:29:00 AM
From: JDN	Respond to of 97611

Dear Lee: I was keeping my answer short for time purposes but to respond to your comment, there has been NO evidence of inflation. Indeed the Chairman himself admits that but fears the exhuberance in the stock market creating much wealth for us ordinary masses MAY in and of itself cause inflation cause suddenly we may be able to afford to buy the things we dreamed of. THAT should NOT be his concern at all IMHO. If we get REAL evidence of inflation caused by DEMAND and not by Govts over taxing (tobacco) or Countries arbitrarily limiting suppy (oil) THEN maybe a case can be made for arbitrarily raising interest rates. But at this point we have NO INFLATION and by raising rates we are merely attracting more foreign capital to this country, weakening their currency and thus ultimately weakening our ability to export. JDN