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To: Tommaso who wrote (172691)	6/14/2002 8:08:11 AM
From: Tom Smith	Read Replies (1) \| Respond to of 436258

quotes.ino.com

To: Tommaso who wrote (172691)	6/14/2002 8:15:43 AM
From: orkrious	Read Replies (1) \| Respond to of 436258

We are like 300 feet down the side of the Grand Canyon and people are calling it the bottom Fleck said it best a few weeks ago. Something like "people jump off a building and get all excited because half way down they haven't hit bottom so they think they can fly."

To: Tommaso who wrote (172691)	6/14/2002 8:16:04 AM
From: Haim R. Branisteanu	Respond to of 436258

ECB's Wellink -2: Euro Rise Has Impact Of Rate Hike VIENNA (Dow Jones)--Dutch central bank governor Nout Wellink Friday acknowledged that euro-zone inflation has been stubbornly above the European Central Bank's targeted 2% ceiling, but held out hope that it will fall below that threshold in the medium term. "The inflation rate is staying above the targeted 2% longer than anticipated," Wellink, who is also a member of the ECB's Governing Council, said on the sidelines of a central banking conference in Vienna. However, Wellink said he expects inflation to fall below 2% in the medium term, although such a decline depends strongly on oil price developments. According to a preliminary Eurostat estimate, euro-zone inflation in May stood at 2.0%, down from April's 2.4%. The decline, however, has largely been attributed to statistical base effects. Inflation hasn't been below 2.0% in two years. Wellink also noted that positive effects are coming from the recent appreciation of the euro against the dollar. Since February, the euro has appreciated by about 10% against the U.S. currency. "The appreciation of the euro has almost the same effects on inflation as an increase of (interest) rates," he said. Wellink declined to say whether he expects the euro to continue its appreciation during the course of this year. -By Eva Komarek, Dow Jones Newswires; +43 664 1427 561; eva.komarek@dowjones.com (END) Dow Jones Newswires 14-06-02