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To: NOW who wrote (97973)	4/25/2001 7:21:44 PM
From: bill meehan	Read Replies (2) \| Respond to of 436258

I believe that will be the case for some time. Yields on govt paper got as low as they did on the notion that supply would continue to shrink, fear of a global recession and worries about deflation. Even Easy Al isn't stupid enough to allow another bubble to form, and once the global economy is on better footing (Hello! Japan!) the Fed will be free to combat inflation once again. Of course, what seems very likely now to be a threat might not come to pass. In any case, the notion that inflation has been vanquished is so ingrained that it'll take some time before it's recognized as a problem by the market. Recall how long it took the stock market to even notice that corporate spreads had widened dramatically before there was an inkling of trouble.