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To: Sabrejet who wrote (3399)	5/3/2000 1:35:00 PM
From: Howard Bennett	Read Replies (1) \| Respond to of 4298

A good strategy. This Fed meeting is hard to call...given the high ECI (Employment Cost Index) for last month (the highest level in 4 years). But the Fed is a "gradualist"....I think they will continue quarter-pointing until consumer spending slows down. Greenspan re-iterates his mantra at each speech...that they are not specifically targeting equity prices. They are fighting the wealth affect no doubt (that's why consumer spending continues to roar) but more importantly they are fighting the tight labour markets and employment costs.