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Biotech / Medical : Ligand (LGND) Breakout! -- Ignore unavailable to you. Want to Upgrade?

To: Cheryl Galt who wrote (25730)	9/23/1998 7:14:00 PM
From: N	Respond to of 32384

Cheryl! I was just about to say, gotta go get Alan's new speech...and lo and behold, there's the button in your post...just a click away! Terrific! Like someone else cooking dinner or folding up the laundry or...many other... We should also peek at the beige book update as well. I really thought your last read of the Haas speech was well organized and you really targeted in on the many meanings. I too don't understand why his prose is thought difficult. Seems clear to me, but he excels at shades of meaning...and I find him precise in that exercise. Thanks again. Give you my 'take' later in eve.. Nancy

To: Cheryl Galt who wrote (25730)	9/23/1998 10:31:00 PM
From: N	Respond to of 32384

Cheryl, bog.frb.fed.us Let's look at these extracts The big question, what, to Alan et al, is ad hoc The current crisis, ..., will have to be addressed with ad hoc remedies...transparency, legal structures, supervision, fiscal/monetary policies longer time to bite pivot point, why a high real federal funds rate no longer as critical: Since then, deteriorating foreign economies and their spillover to domestic markets have increased the possibility that the slowdown in the growth of the American economy will be more than sufficient to hold inflation in check the problem overhang of unhedged dollar holdings especially in countries with currecny pegged to the dollar, rates on dollar denominated debt in emerging countries too high This phenomenon [borrowing cheap dollars, lending at higher rates in local currencies], and its risky exploitation, is one important element in the current crisis and a symptom of what has gone wrong generally. What appeared to be a successful locking of currencies onto the dollar over a period of years in East Asia and elsewhere, led, perhaps inevitably, to large borrowings of cheaper dollars to lend at elevated domestic interest rates, with the intermediary pocketing the devaluation risk premium. When the amount of unhedged dollar borrowings finally became excessive, as was almost inevitable, the exchange rate broke. looks like a cut fed funds rate might be ad hoc see also Message 5821617 Message 5763255 Let's also read this: bog.frb.fed.us Nancy