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To: Les H who wrote (5152)	1/27/2003 10:17:32 AM
From: pallmer	Respond to of 29602

Fed add. 6.75B app.ny.frb.org

To: Les H who wrote (5152)	1/27/2003 10:24:06 AM
From: Les H	Respond to of 29602

Instead of trying to help the economy through lower long-term interest rates, the Fed could attempt to fight deflation by buying up foreign currencies. The move would be designed to drive down the dollar in order to make foreign imports more costly in the U.S. and American products more competitive abroad. But the record of central bank intervention in the currency market is spotty at best. Then there's the risk of setting off a trade war and tit-for-tat currency devaluations. Commentary: If Deflation Sets In, the Fed Has a Problem businessweek.com Best Bets for a Chip Rebound businessweek.com