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To: PaulM who wrote (9722)	4/10/1998 12:19:00 AM
From: Terry Rose	Respond to of 116764

Paul, M3 growth of 11.2% seems consistent and with very little variability since the summer of 1997. The Fed must feel that they can get away with this rate of growth. Somebody has to pay for those treasury bonds that Japan is liquidating. Big story of the day came from the Fed. They are now buying the Yen and the bond market did not like it. If the bond market starts to tank and I think that they are currently confused and worried about this, it won't take much to start a stampede. The stock market will then follow suit. Our bond market dwarfs the stock market. Give these baby bulls a long weekend to let this sink in and Monday could get interesting. Your astute observation about a large jump in new credit in February explains where a good amount of the money behind the latest market upswing came from. I suspect that a lot of stock was purchased on Visa and Mastercard, and why not when you can borrow at 14-19% and get returns in index funds at 25-30%. Hey we can all be millionaires and retire early. The only problem is where will we get the worker bees to run things. No problem we have computers. Terry,