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To: joe who wrote (29684)	12/12/1998 12:29:00 AM
From: Bill Harmond	Respond to of 164684

I agree with everything you say. I'm pointing out that the long bond's yield has gone UP during the past couple sessions, especially today, while stocks corrected, which I find to be healthy. The yield curve has gotten a bit steeper. That's a good thing. It shows an absence of fundamental economic fear in spite of this decline in stocks. A similar reversal in bonds occurred a few days before the October 8 low in the stock market. A positive yield curve points away from recession. A flat or (worse) an inverted yield curve points to recession.