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To: stock bull who wrote (54478)	4/25/1998 1:38:00 PM
From: Jim McMannis	Read Replies (4) \| Respond to of 186894

I don't think the street thinks we'll see a rate hike, yet. But that said, with the long bond yield at the upper end of the range (6%) and gold and the XAU starting to sneak up I'm starting to hear some concern about the direction of rates vis a vis the FED, AG in particular, becoming concerned about inflation. AG watches gold very closely. Now, personally I think gold would have to go a lot higher before AG became concerned enough but the markets have a way of becoming paranoid about these things especially from lofty levels. A bond rally from here would relieve some of this tension...as would a big sell off in the market but I prefer to see the former. I agree with what you said. A hike in rates would cause a shudder in the markets. Jim