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To: FNS who wrote (4328)	3/20/2001 4:36:29 PM
From: David E. Taylor	Read Replies (1) \| Respond to of 6784

FNS: OT: Beats me what people were expecting from the Fed today. More than 1/2 point was never on the cards, despite what the "traders" wanted. It took quite a few months last year before the cumulative 1 1/2% Fed rate hikes finally bit (aided by high oil/nat gas prices, dot.com failures, PC/wireless slowing, etc.), and even the last Draconian 1/2 pt last May (June?) didn't kick in until the fall. So now we probably have to wait a few months before we see the effects of reversing last year's rate hikes. Doesn't help when so many talking heads (including and especially the idiot of a former Fed governor that CNBC keep putting on) seem to think it's Greenspan's job to "save" the market and get it cranked back up again. It's clearly going to be a long haul back to a more reasonable market level from this way oversold point. Forget "V" and even "U" recoveries, this is going to be an "inclined bathtub", and maybe a long one at that. David T.