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To: d:oug who wrote (85485)	5/18/2002 9:34:39 PM
From: long-gone	Read Replies (1) \| Respond to of 116822

See this from Bloomberg? Treasury's Fisher Makes Wrong Bet on Budget Deficits New York: Peter Fisher, Treasury undersecretary for domestic finance, bet a return to budget deficits would be short-lived when he began stepping up sales last year of debt maturing in two years or less. That was a mistake, some analysts say. With his colleagues in the Bush administration now saying the deficits will last beyond 2004, Fisher may be forced to refinance the debt over the next two years at higher yields as the Federal Reserve raises the benchmark rate from a 40-year low. Analysts calculate each percentage point increase in rates adds more than $10 billion to the government's annual financing tab. The former New York Fed official should have locked in low rates for years by selling more debt with longer maturities, some analysts say. They predict he will start doing that in the second half of this year. (c) 2002 Bloomberg L.P. All rights reserved. bloomberg.com