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To: Sarmad Y. Hermiz who wrote (6383)	7/15/2003 8:18:22 PM
From: Sam Citron	Read Replies (1) \| Respond to of 13403

late Jan '04 - the sheering stalls will welcome bond holders who will see that Mr. Greenspan cannot keep rates low because of the usual culprits - trade deficit, budget deficit, costly low-level wars raging in a several places, and the attendant lower dollar...quite a train wreck Agree with your higher interest rate forecast, but not sure why you would characterize it as a train wreck. Sure it will make our mounting deficits harder to pay off, but isn't reflation the best policy option the Fed has at this point. I mean, it sure beats deflation, doesn't it? Would it be so terrible to see moneymarket rates at 5% again? And the stock market normally is not spooked by a whiff of higher rates as long as they aren't too high.