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To: Mohan Marette who wrote (75145)	10/28/1998 10:32:00 AM
From: Lee	Read Replies (1) \| Respond to of 176387

Hi Mo,..Re: According to him FED's actions were belated at best as they were only following the 'leader'- the market. Didn't read Kudlow's comments but I'm aware of his opinion from CNBC. Some Dr. Goodman was on CNBC this morning saying that the Fed has followed the market lead for 19 years now. I always had the feeling they were following as well and when we think about AG's conviction that markets should always set levels, then it makes sense. Good news about Brazil not devaluing but I can't help but remember that Russia said the same thing on a Friday and on the following Monday, the ruble was devalued. Even if the Brazilian government does not officially devalue, they can achieve the same effect by expanding the value limits. I guess it all depends on whether the speculators continue to attack the currency? Regards, Lee