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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Murrey Walker who wrote (41122)	9/10/2001 10:08:01 AM
From: Jim Willie CB	Read Replies (1) \| Respond to of 65232

I suspect the real bad employment numbers are skewed and the market is realizing it gradually college graduates added to the unemployed in unnatural ways economic stats collected by the govt are so lousy anyway some short covering, some expectations of more rate cuts I still believe the world economies are gonna drag us down more we are too weak now to withstand their steady pressure Asia is suffering a severe downward spiral the birds taste good, but too many feathers / jim

To: Murrey Walker who wrote (41122)	9/10/2001 10:11:24 AM
From: Dealer	Read Replies (2) \| Respond to of 65232

Hi Murrey! Wonder what turned the DOW around? Maybe your buddy Al? Yea! Maybe some motor mouth.....???? 9:40 AM FED TALK: Fed easing expectations are higher again today, with the market increasingly contemplating the possibility of an intermeeting rate cut prior to the next scheduled meeting on Oct. 2. So far this month, the effective Fed Funds rate has averaged 3.55%. Assuming the effective rate matches the target of 3.50% for the rest of the month puts the average for the month at 3.516%. The September Fed Fund futures contract is trading well below that at 3.46%, down from 3.47% late Friday, suggesting the market sees some possibility of a rate cut this month, even if quarter-end factors are contributing. And the October contract has dropped to 3.19% from 3.215% Friday, well below the 3.266% level which would fully price in a 25 basis point rate cut on Oct. 2. At its current level, the contract is pricing in nearly a one-in-three chance of a 50 basis point cut in October, assuming no intermeeting move in September. Fed officials continue to predict the U.S. will avoid recession. Kansas City Fed President Hoenig said earlier that he believes economic growth may be "near bottom" while St. Louis Fed President Poole said the U.S. has an "excellent chance" of avoiding a recession. Both Hoenig and Poole have dissented this year.