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To: Lucretius who wrote (201912)	11/3/2002 6:47:10 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 436258

Yes, but you can't recognize a yield curve when you see it, long term rates, the important parameter in cost of money, have barely budged through the last year of having the short term rates at under 2% and under, raising the short term rates will not increase the average cost of money, certainly not by the full .25% suggested. Since they started lowering rate in January 2001, the yield curve kept steepening. finance.yahoo.com The psychological advantage (and what else are the fed doing monthly with their "leaning to that or leaning to that statement?) will be much more important in impact. It is a confidence (and yes I mean both confidence and con-fidence) game and they forgot how to play it.... Zeev