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To: Archie Meeties who wrote (17612)	9/12/2000 12:20:46 PM
From: Ken98	Respond to of 436258

But Moskow is contradicting McClown: <<CHICAGO, Sept 12 (Reuters) - Although U.S. economic growth appears to be backing off from its prior torrid pace, there is still a risk of inflation raining on the parade, Federal Reserve Bank of Chicago President Michael Moskow said Tuesday. Citing increases in demand, a potential spillover of higher energy costs into overall inflation and an uncertain future for U.S. productivity growth, Moskow said the Fed must exercise caution and avoid complacency when setting policy. "I think that the risks are still toward higher inflation," Moskow told reporters after speaking to the National Association for Business Economics. Moskow's comments directly contrasted with those of his colleague at the Dallas Fed, who spoke to the NABE on Monday. Robert McTeer, a longtime backer of the concept that huge technology-driven gains in productivity can allow the economy to grow at a rapid pace without sparking inflation, told the group that inflation would fall in the coming months.>> So is someone off the reservation here or are they just throwing a bone to the bond market to get it to settle down?