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To: LWolf who wrote (69139)	10/5/1998 8:19:00 AM
From: Lee	Read Replies (1) \| Respond to of 176387

Laura,..Re:They will come down at minimally the next 2 meetings. but will it be enough, fast enough? At times, the Fed has moved to change rates in between meetings, so it's possible that if circumstances warrant, they could ease before the Nov. 17th meeting. It's my understanding that once the bias is set, then AG has latitude and authority to take action. Regards, Lee

To: LWolf who wrote (69139)	10/5/1998 8:43:00 AM
From: nihil	Read Replies (1) \| Respond to of 176387

RE: Fed and the Market There is no evidence that FOMC thinks the stockmarket is underpriced, The FOMC faces the declines with equanimity, viewing the decline in spending that they expect as acceptable, and perhaps even desirable so it is not worried about deflation in the U.S. "The information reviewed at this (Aug. 18) meeting suggested that domestic final demand continued to expand at a robust pace." Of course, we will have to read the minutes of the last meeting carefully, but I would be surprised if anyone expressed concern about the drop in the market. The FOMC knows it much provide liquidity, but money supply growth is way ahead of targets. The FOMC is not going to bail out the stock market until it is cut off at the knees (~4000).