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To: Bill Harmond who wrote (29676)	12/11/1998 9:54:00 PM
From: joe	Read Replies (1) \| Respond to of 164684

>>Long bond yields backing up cause the curve to steepen. Plus the bond market has been a refuge from fear.<< Long bond yields going lower (right side of graph), will cause the values to get closer to short term yields. Isn't this closer to a straight line? If this is what's happening, and it stays for a while, there might start to be fear that the short term rates are too high. Remember, this was part of the equation that was edging rate cuts, so yes it's a refuge from fear (world problems), but also an indicator of economic worries which need to be solved by lowering the short term rates. Isn't this your thoughts also? That's why you partly have a position in long bonds from what I understand - the trend towards lower interest rates. I'm just wondering what your thoughts are on this.