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To: John F. Dowd who wrote (65356)	9/24/1998 12:25:00 AM
From: Paul Engel	Read Replies (1) \| Respond to of 186894

John - Re: "It seems that the rate drop should have been widely expected and almost totally discounted. " The DOW has dropped - at one point - over 2000 points since its high in July, based on concerns of economic turmoil in Russia, South America, etc. All the Money Center banks (Morgan, CCI, CMB) and whacko International brokerages (Lehman, Merrill) have been EATING IT because of this - unlike the tech stalks which got whacked over a year ago since "only tech" has exposure to International markets (aka, S.E. Asia.). The Fed's "potential" easing of interest rates may help stave off further collapse of the Money Center banks and International brokerages. This was not a done deal before today - and may not be "done" for a while. Paul