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To: Abner Hosmer who wrote (10087)	4/17/1998 4:55:00 AM
From: Alex	Respond to of 116814

Hi Tom; IMHO the Fed's hands are tied if I have a proper understanding of their mandate - which is 'only' to curb consumer price inflation, which has been falling, not rising. That is why, IMO, Greenspan has tried in the past to 'talk' this market down - but without success. I do not think you have to worry about the fed raising rates to lower stock prices - that is not their mandate. Unfortunately, I have come to the conclusion that this will happen the old fashioned way - the 'hard' way. That's not to say the Dow can't go to 20,000 first with an average p\e of 50 on the S&P. It is just my opinion that fundamentals will eventually rule, no matter what the mandate of the Fed is.