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To: marginmike who wrote (50049)	5/9/2000 10:24:00 PM
From: pater tenebrarum	Respond to of 99985

MM, this is what i hear from bond people as well. the notion of the Fed being behind the curve is talked about more frequently of late, and that is an impression the Fed must dispel right away. the gradualist approach is apparently not working so far. they can and probably will not allow an inflationary psychology to take hold. it may take a recession to avoid that. and this is really an enormous problem with the economy as leveraged as it is now. no-one really knows how the derivatives house of cards will perform in a recession. and yet, as i have mentioned before, recessions are a necessity to allow the excesses of the boom to be worked out of the system.