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To: Francis Chow who wrote (57776)	6/12/1998 1:36:00 AM
From: Jacob Snyder	Read Replies (3) \| Respond to of 186894

re: "Greenspan warns + possibility of fed tightening before year end > 50%:" I don't know where you get that from. Greenspan didn't warn of an impending tightening, and the article didn't mention any probability. I always read the text of Greenspan's statements (available in the WSJ), because I find that the news reports usually misinterpret. This is a good example. Greenspan always gives reasons why he might have to tighten or loosen in the future. This time, he simply restated what he has been saying for a very long time: he expects the next move will be a tightening, but he won't do it until he sees clear signs of inflation, and right now he sees no clear signs of impending inflation. In fact, he says that the Asian crisis has worsened recently, which has put a further brake on (1) American companies' pricing power, and (2)our economic growth. He stated that he continues to be surprised by the fact that low unemployment has not produced any signs of inflation. If you read what the man said, and don't get the information second or third hand, there is no way to interpret it as a warning of impending fed tightening.