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To: Lucretius who wrote (3171)	9/21/1998 11:59:00 PM
From: The Ox	Respond to of 14427

from Bloomberg, 2 snippets: U.S. Economy: Fed Officials Hint That a Rate Cut Isn't Likely By Michael McKee Washington: Federal Reserve policymakers are sending signals that while they're worried about the global economic slowdown they're unlikely to cut U.S. interest rates when they meet next week. Most of the Fed's governors and regional bank presidents have spoken publicly over the past fortnight. While expressing varying degrees of concern, they generally agreed the U.S. economy shows signs of strength. Fed Chairman Alan Greenspan called the economy ''solid'' in congressional testimony Wednesday. ''Solid and even robust,'' said Kansas City Fed Bank President Thomas Hoenig, a voting member of the Fed's policymaking Open Market Committee, in a Friday speech. ''We have every reason to believe that economic growth will continue,'' said New York Fed Bank President William McDonough, vice chairman of the FOMC, in New York on Sept. 11. Those statements make it clear the FOMC will keep the overnight bank lending rate at 5.50 percent, where it's been for 18 months, said David Jones, chief economist at Aubrey G. Lanston in New York. ''As Greenspan said (Wednesday), there's some hints of erosion in the economy, but not yet anything to pull them over the edge.'' Goldman Sachs IPO Value Drops With Financial Shares By Ted Hampton New York: Goldman Sachs Group LP may be worth about 40 percent, or $13 billion, less as a public company than it was two months ago, just after the biggest investment banking partnership decided to sell shares to the public. Executives of the 129-year- old firm opted in June to sell shares, giving them stock to pay for acquisitions and compensate employees. Partners, using the market values of rivals Merrill Lynch & Co. and Morgan Stanley Dean Witter & Co. as guides, said Goldman would be worth as much as $33 billion -- giving some senior executives more than $100 million in stock. Those estimates were made before Russia's currency devaluation and debt default triggered bond trading losses for many firms, and concern about slowing economies in Asia, Russia and Latin America sent U.S. stocks tumbling. With Merrill shares down 47 percent since mid-July and Morgan Stanley off 44 percent, some analysts said Goldman may delay the initial public offering, though executives said they aren't canceling the sale. ''The reasons for doing the offering are still there,'' said Brown Brothers Harriman & Co. analyst Raphael Soifer. Still, ''the market has been so volatile, it has caused every IPO issuer to take a deep breath.''