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To: Thomas M. who wrote (1587)	9/2/1998 1:02:00 PM
From: Michael Grosz	Respond to of 17683

That's not accurate. When the long bond was about 6.5%, Rogers said it would never cross 6%, and that he was short. When the bond crossed 6%, Kathleen Hayes confronted Rogers about it, and Rogers hedged, claiming that there are other, more important bonds than the long bond, and when he said it would never cross 6%, he was talking about other bonds (like maybe corporates?). Then he started his typical "the government is fudging the numbers" hyperbole. Bottom line - Rogers was not long from 8% through 6%. He may have been long from 8% to 6.5%, but he was short from then on.