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To: pater tenebrarum who wrote (19298)	9/18/2000 3:22:30 PM
From: Ken98	Read Replies (2) \| Respond to of 436258

McTeer has called as many "tops" in energy prices as Luc has "crashes" <g>: <<WASHINGTON, Sept 18 (Reuters) - Federal Reserve Bank of Dallas President Robert McTeer said on Monday he saw very little risk that the string of U.S. rate hikes since the middle of last year was about to push the economy into a recession. McTeer told Reuters in an interview that the main risk to the economy was still higher inflation, not recession. He predicted oil prices were near a peak and inflation expectations would decline in the next few months, bringing long-term market interest rates down with them. "I think the economy has so much underlying strength and that the technology side of things is so promising and so vigorous that I don't expect the landing to be hard," McTeer said after speaking to the American Bankers Association. The Fed raised rates six times between June 1999 and May of this year, bringing the key fed funds rate up a total of 1.75 percentage points to 6.5 percent. McTeer said he agreed with the policy-making Federal Open Market Committee's conclusion at its last meeting on Aug. 22 that there was still a risk of higher inflation. "I think inflation expectations will decline in the next few months as the oil thing gets behind us. That will probably cause longer term rates to moderate some more," he said.>>