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To: FR1 who wrote (799)	3/18/2001 11:10:52 AM
From: Ian@SI	Respond to of 3294

OT: FED Agree that if one looks backward, it's difficult to imagine more than a 50 bp cut from the Fed. And it does seem that the Fed primarily looks backward in determining interest rate policy. Nevertheless, after Mar 20th, the next FOMC meeting isn't until May 15th almost a full two months. The forward looking indicators, especially the stock market, have sharply deteriorated. Given the long time before the next meeting and if the Fed considers the outlook, a larger cut wouldn't surprise, and IMO, would probably be appropriate. FWIW, Ian.