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To: Ken98 who wrote (105790)	5/31/2001 3:21:02 PM
From: John Pitera	Read Replies (1) \| Respond to of 436258

They are really buying up a storm of Govies aren't they. Tomorrow's double barrel reports of employment and NAPM are a dangerous combination. The direction of payroll growth and the severity of the move help define the trend after two months of decline and continued declines in all of the labor market indicators. Three consecutive declines haven't been seen since the last recession as the first of 11 consecutive declines marked the recession start. The outlook for NAPM worsened slightly with the declines in both the Chicago PMI and the Phil Fed index. Market expectations may fall off about a point from the 43.7% expected before this morning's news as the manufacturing sector remains firmly in recession. The double barrel shot will carry plenty of weight at the late month FOMC meeting