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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club -- Ignore unavailable to you. Want to Upgrade?

To: Wally Mastroly who wrote (13671)	5/9/2000 4:43:00 PM
From: Wally Mastroly	Respond to of 15132

Oh no!, Fed guy "spills the half-point beans"? <G> Fed's Parry hints at rate hike SAN FRANCISCO - Investors expect Federal Reserve policymakers to raise the overnight bank lending rate by a half percentage point when they meet next week, said Robert Parry, president of the Federal Reserve Bank of San Francisco. ''The futures markets would suggest that we're going to move more aggressively,'' Parry said during a speech Tuesday. That could still be consistent with the Fed's cautious, gradual approach to raising interest rates to slow the U.S. economy, he suggested. ''It does seem pretty clear that we've reached a stage where inflation is no longer falling'' because of strong growth in consumer demand, tight labor markets and the spillover effects of higher energy prices, Parry said in a speech to the Northern California Regional Financial Planning conference. ''It's risky to just sit back and wait for an upward trend in inflation to show up before we do something.'' While the Fed has raised the overnight bank rate in five quarter-point steps since June, Parry suggested in response to a question that a half-point increase is a possibility when the Fed's policy-setting Open Market Committee next meets May 16th..........