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To: Cush who wrote (8033)	2/28/2001 10:27:34 AM
From: ALTERN8	Read Replies (1) \| Respond to of 13094

federalreserve.gov

To: Cush who wrote (8033)	2/28/2001 1:16:35 PM
From: Jibacoa	Read Replies (1) \| Respond to of 13094

<<looking around for a written transcript of today's testimony>> Well ALTERN8 gave a fast response to that one. I had heard some of his remarks, but had not looked at the written transcript. This is the part I mentioned about B2B: "Moreover, although recent short-term business profits have softened considerably, most corporate managers appear not to have altered to any appreciable extent their long-standing optimism about the future returns from using new technology. A recent survey of purchasing managers suggests that "THE WAVE OF NEW ON-LINE BUSINESS-TO-BUSINESS" activities is far from cresting. Corporate managers more generally, rightly or wrongly, appear to remain remarkably sanguine about the potential for innovations to continue to enhance productivity and profits. At least this is what is gleaned from the projections of equity analysts, who, one must presume, obtain most of their insights from corporate managers. According to one prominent survey, the three- to five-year average earnings projections of more than a thousand analysts, though exhibiting some signs of diminishing in recent months, have generally held at a very high level. Such expectations, should they persist, bode well for continued strength in capital accumulation and sustained elevated growth of structural productivity over the longer term". Bernard