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

To: IQBAL LATIF who wrote (18615)	6/17/1998 4:53:00 PM
From: Lee	Read Replies (2) \| Respond to of 50167

Hi Ike,..Re:<<Eco Data>> Thanks for the CPI data. Only notable item I see is that CPI crept up to 1.5% yr/yr from the 1.4% previously reported. From the looks of today's action, do you think that rates have gone too low too fast? The SP8U either liked rates going back to 5.74% or a weaker dollar or a combination of both. I would think that the weaker dollar would be attractive since global US businesses will have some relief, but I also think that rates need to be higher to continue to attract foreign funds. If long bond gets too close to the 5 year notes, who would buy it. Also ORCl stated that they had a 6% penalty because of currency translations. The Beige Book came out today and still shows a healthy economy including manufacturing segment. Links are shown below. bog.frb.fed.us June 17 Beige Book Manufacturing Manufacturing generally is growing strongly, particularly in the Northeast and Midwest but at a somewhat slower pace elsewhere. Chicago describes particularly robust manufacturing, especially in heavy equipment, appliances and steel. I don't know if Japan has another more significant plan, nor if they can even announce something ahead of next month's elections, but it seems strange that Rubin would intervene without some kind of agreement going forward. Otherwise, we will all be shorting the yen again next week. Very interesting day though. Best, Lee