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To: pater tenebrarum who wrote (101997)	5/14/2001 1:52:24 PM
From: John Pitera	Read Replies (4) \| Respond to of 436258

I don't like the wave structure of the gold advance, truth be told.. Mighty USD on the rampage again.. ........11:34 ET 30-year: +2/32..5.847%....GNMAs: +4/32....$-¥: 123.11 Market's focus turning to FOMC meeting details. Probabilities continue to shift to a 50 bp move (now 66%), but also some talk about the announcement. Easing bias following a cut is still a good bet, though it's also a good bet that the language of the announcement will be less dramatic. Clearly, there will be no "monitor developments closely" line that might signal another intermeeting cut. But there might even be a tone to suggest more of a wait-and-see mode after such an aggressive series of moves.