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To: oldirtybastard who wrote (62831)	1/29/2001 11:42:54 PM
From: Mark Adams	Read Replies (1) \| Respond to of 436258

He appeared to be suggesting that the Fed doesn't set true interest rates, that they are too slow to react to real world events compared to the markets, but that the markets are influenced by what they percieve the fed desires. The interesting aspect, IMO, was that he suggested the possiblity that there could be no connection between repos and the Fed Fund rate, a topic of interest of late. I didn't put the time in to fully 'grok' it, but that's what I thought I read. So what we have here is the joystick of the ship is loosely if at all connected to the rudder, and they rely on propaganda to get the direction changed if they notice an iceberg, but usually after hitting it. <g>