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Pastimes : The Justa and Lars Honors Bob Brinker Investment Club Thread -- Ignore unavailable to you. Want to Upgrade?

To: Wally Mastroly who wrote (708)	3/6/2001 2:27:19 PM
From: Math Junkie	Respond to of 10065

Tim Ord points out that on March 1st the S&P 500 had a retest of its Feb. 23rd low on slightly lower volume. He says the Naz 100 could retest the new low it set on the 1st, but if it happens he expects the retest to succeed based on what the S&P has done. Message 15455840 Here's the guy's home page, with a bio and a link to his regular Tuesday updates: marketweb.com

To: Wally Mastroly who wrote (708)	3/6/2001 5:51:23 PM
From: Wally Mastroly	Read Replies (1) \| Respond to of 10065

McTeer: Fed Focus on Avoiding Recession By Marcus Kabel Tuesday March 6, 3:58 pm Eastern Time IRVING, Texas (Reuters) - Despite some ``terrible'' news on U.S. inflation recently, the Federal Reserve remains focused squarely on steering the U.S. economy clear of recession, Dallas Federal Reserve Bank President Robert McTeer said on Tuesday. So far, McTeer said, the world's largest economy has slowed dramatically but was not contracting and he predicted continued growth. U.S. inflation deteriorated in January when wholesale prices measured by the U.S. Producer Price Index (PPI) spiked up 1.1 percent and the Consumer Price Index (CPI) jumped 0.6 percent. ``We just had a terrible, terrible PPI report that was followed by almost as bad a CPI report and normally that would be enough to make me put on my hawkish feathers and say strong things,'' McTeer told the North Texas Commission, a marketing organization, in a speech near Dallas. ``Right now, I'm not going to pay any attention to that. I'm going to worry about avoiding this recession, and we can get back to inflation later,'' added McTeer, who is this year a nonvoting member of the Fed's policy-setting Federal Open Market Committee (FOMC). The FOMC cut the key federal funds rate on overnight bank lending by a total of a full percentage point in two moves in January, bringing it down to 5.5 percent and is widely expected to lower rates by another half point at its next meeting on March 20. The economy slowed to a crawl in the last three months of 2000 when gross domestic product grew at a meager 1.1 percent annual pace, down from 2.2 percent in the prior quarter. The economy had been growing at around 4.0 percent a year for the past few years. ``We've had an abrupt slowdown. So far we have not had a downturn,'' said McTeer, who added the dramatic downshifting might feel like a recession to many who had become accustomed to a strong economy. McTeer said he saw less than a 50 percent chance that the economy would contract in the January-March period of this year. Although consumer confidence has dipped sharply, McTeer said consumer spending had held up ``pretty well'' so far. Economists say there is usually a correlation between sentiment and spending. ``The main risk to the economy is that consumer spending may follow consumer confidence down,'' McTeer said. Sounding fairly upbeat about the economy's prospects, McTeer said corporations may have already reduced the bulk of the overhang in their inventories, working off one of the problems that has put a drag on production and growth. U.S. firms, anticipating strong retail demand in late 2000, had increased production and this led to a sharp cutback in production at the end of last year.