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To: Silver Super Bull who wrote (1605)	10/21/2003 12:57:49 PM
From: mishedlo	Respond to of 110194

Message 19419881 In an interview with The Times of London on Monday, Mr. Snow predicted that the economy would grow at an annual rate of nearly 4 percent over the next year and add about 200,000 jobs a month. "I would stake my reputation on employment growth happening before Christmas," Mr. Snow said in the interview, which a spokesman confirmed as accurate. In offering such confident and explicit predictions about job growth, Mr. Snow went well beyond the general cheerfulness that President Bush and administration officials have repeated for some time. But Mr. Snow's could come back to haunt him if job growth continues to be lackluster for much of the next year. Most economists, from those at the Federal Reserve to those on Wall Street, agree that economic growth has already accelerated sharply, but many are skeptical that the job picture will improve much by the time Mr. Bush faces re-election next November. "We are surprised that Snow would choose to hand the Democratic presidential candidates this optimistic prediction, instead of managing expectations more conservatively," Jan Hatzius, a senior economist at Goldman Sachs, wrote in a research note today. Mr. Snow also provoked surprise in the financial markets by asserting, in the same interview, that he expected interest rates to rise. "Higher interest rates are an indicia of a strengthening economy," Mr. Snow said. "I'd be frustrated and concerned if there was not some upward movement in rates." To some ears, that sounded like a pronouncement about how the Federal Reserve should conduct monetary policy. The Federal Reserve has said it plans to keep short-term rates at the current low levels for "a considerable period of time." But Rob Nichols, Mr. Snow's spokesman, said the Treasury Secretary was not commenting about Fed policy. Rather, he said, Mr. Snow was merely observing that long-term interest rates tend to rise as economic growth accelerates. ================================================================= Ding Ding! This was called here yesterday M