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To: Jim Willie CB who wrote (39120)	7/17/2001 12:11:40 PM
From: stockman_scott	Respond to of 65232

<<they cannot criticize that which they do not understand they cannot handle the rebuttals>> LOL.... jw: Maybe we should send you up to The Hill and you can enlighten and educate many of the NAIVE Congressmen (who have watched their 401ks and high tech portfolios head south in a hurry <G>)...They just don't seem to understand the big picture. Nobody wants to take on The FED but somebody may have to someday soon...=) Best Regards, Scott

To: Jim Willie CB who wrote (39120)	7/17/2001 1:28:32 PM
From: stockman_scott	Read Replies (1) \| Respond to of 65232

12:40 PM FED TALK: Fed Vice Chairman Roger Ferguson's nomination to a second term on the board of governors has been held up by one senator, according to a Reuters report. Reuters' Barbara Hagenbaugh reports that Republican Sen. Jim Bunning of Kentucky is the likely culprit. Bunning met with Ferguson prior to the June confirmation hearing but was still the only vote against him in a vote on July 12 vote to send Ferguson's confirmation to a vote before the entire Senate that was approved 20-1. Bunning expressed concern about the Fed "talking about financial markets." (In fact, Ferguson is loath to talk about "the market.") Bunning said he is "concerned that the Fed has tried to influence market levels. That is not the Fed's job. I am very heartened by the fact that you agreed with me that it is not the Fed's job to judge what level the NASDAQ or New York Stock Exchange should be." Bunning is likely trying to extract something in exchange for his vote and will probably fall into line before too long considering the widespread support Ferguson enjoys, from both congress and Greenspan. 11:54 AM PIT TALK: Implied volatility on bond options is lower today but remains at a multi-week high. Options players are likely betting that market volatility could increase in the coming days owing to volatility expected from the speech that Greenspan is expected to deliver before Congress tomorrow. Volatility is also possible from an unwinding of spread trades related to instability in Argentina and the equity market. With both situations now more stable, Treasuries could fall.