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Politics : Idea Of The Day -- Ignore unavailable to you. Want to Upgrade?

To: robnhood who wrote (16157)	1/6/1998 8:33:00 PM
From: Lee	Read Replies (1) \| Respond to of 50167

Russell, <Expect the unexpected> The first thing that comes to mind are the remarks concerning deflation in the Chairman's speech last Saturday. Some other examples are during last summer, when the eco numbers were strong, Mr. Greenspan mentioned that wage increases might be offset by productivity gains (which may or may not be correctly measured). I think these remarks were made at Stanford. And in November, again when the unemployment rate declined, and we again had strong eco numbers, the Chairman talked about the "salutory effect" of the SE Asian crisis on our economy. In my short experience, in the past, the Fed has controlled monetary policy without influence from external events. A lot of these remarks in the face of very strong economic statistics were unexpected. Lee