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To: velociraptor_ who wrote (5331)	11/6/2002 2:58:55 PM
From: Steve Lee	Respond to of 10157

Maybe Greenspan did it ti give the PPT better borrowing rates...

To: velociraptor_ who wrote (5331)	11/6/2002 3:06:19 PM
From: Joe Smith	Respond to of 10157

I think this will have little ffect on LT rates, possibly driving them higher if anything. This threatens us with the need to raise rates in a much more dramatic fashion when the time comes. My only concern is with the spin machine and the reaction last year to the 11/6 50BP cut. We had a good top around 1800 and then the Fed did that surprise 50BP cut just when you thought the market did not need it anymore. The market digested for a couple of days and then went on the bubble run through 2000.