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To: Mohan Marette who wrote (51488)	7/15/1998 4:08:00 PM
From: Lee	Read Replies (1) \| Respond to of 176387

Hi Mohan,..Re:<<Ecomomic good news>> Thanks for the link to Poole's statements. I agree with him. Also Stephen Roach from Morgan Stanley estimated that the Asian crisis would clip maybe 0.5 - 0.75% off of GDP but when GDP is 5.4%, I'm not exactly worried. Poole also stated that lack of oil demand from SE Asia has contributed to lower prices which is also happening with other commodities such as Cu, grains, sugar, etc. This lack of demand has shown up in lower prices for commodities generally but may not last due to the draught in Texas for the cotton crop and other weather events. At any rate, we may have seen the low in the CPI for awhile but at 1.7% yr/yr, I'm not worried yet. dismal.com Sorry if this digressed, but you hit on a favorite subject. Fed isn't going to ease I don't think and Poole had a good point regarding productivity. Productivity gains are required with the wage rate (4.3% yr/yr). Regards, Lee