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To: howsmydrivingal who wrote (122)	9/13/2001 11:18:19 AM
From: howsmydrivingal	Respond to of 787

Private source market report, not intended for resell. *Information in this letter is from sources considered reliable. Accuracy/completeness not guaranteed nor is the content to be deemed an offer/solicitation for a sale/purchase of securities. Good Morning! It's Thursday, September 13, 2001. As one should have expected, the bond market surged on its first day of trading since the attacks on the East Coast. The stock market will remain closed until at least Friday, more likely Monday. Bonds surged on a flight to quality as investors sought out the safe haven of US securities in the aftermath of the attack. Concern that international tension will mount following the attacks have driven tow year note yields to their lowest yield since the issue first was sold in 1972. The two-year is currently up 26/32s pushing the yield back to 3.08%. All other treasury issues are up sharply; the ten-year is up 1 10/32s at 4.69% and the long bond is now back at a yield of 5.438%. This was expected to be a very volatile session with a sharp buy move pushing yields down. There is growing anticipation that the Fed may step into the market before it's regularly scheduled meeting on Oct. 2 and drop rates by up to 50 basis points, perhaps as soon as tomorrow. There is no confirmation of that as yet. In economic news: a very telling number was released this morning was the U. of Michigan Confidence number. It took a big drop, down from 91.5 in August to 83.6 in September vs. an expectation for a drop to only 91. The number was based on data collected before the attack in New York and Wash. DC. Given developments, it's very difficult to say what impact that number has on trading. As mentioned, the stock market is closed and likely will remain closed until Monday. There is some remote possibility that it will reopen tomorrow.