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To: John Pitera who wrote (799)	6/26/2000 5:19:00 PM
From: John Graybill	Read Replies (2) \| Respond to of 436258

You know how we used to hear comments/complaints about how "Greenspan is jawboning the market down"? We don't hear that any more. I think the tables have been turned -- "the market" is jawboning Greenspan down. Greenspan lost his spine years ago and will not raise rates for any reason whatsoever unless the data is absolutely overwhelming. But if the data is, in fact, absolutely overwhelming, he typically doesn't do anything anyway. Interest rates, shminterest rates, Greenspan can't allow the market to crash on his watch. He'll lose, but that's his mandate. If "the market" is expecting no rate rise, and he raises rates, it's a crash. As the market jawbones louder and more often, making its intentions known, the odds go from low to zero that he will raise. All this to say that, as we have seen before, it's a pretty smug bunch of pundits out there. A "given" is often taken away.