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To: Smart Investor who wrote (536)	3/8/1999 5:16:00 PM
From: Bala	Respond to of 1133

Looks like Internet is kind of shielded from rest of the MKT.. Look at the internet stock movement with respect to DJIA and NASDAC fluctuations during last two weeks. For example the Interest rate fear didn't even affect the stock like ebay, cnet, cmgi...etc. Anyone got similar thought ?

To: Smart Investor who wrote (536)	3/8/1999 11:27:00 PM
From: Tom Hua	Respond to of 1133

SI, there should be no adverse reaction to Poole's comments. See excerpts from TSC. Regards, Tom Poole is not currently a voting member of the Fed's monetary policy committee, but more importantly, Fed-watchers know him as a hawk with a penchant -- as St. Louis Fed officials historically have had -- for believing that rapid money supply growth is bound to lead to higher inflation. The problem: Money growth has been advancing sharply for the last three years while inflation has been trending lower. If the Fed made policy based on money-supply growth, said Jim Kochan, senior bond strategist at Robert W. Baird in Milwaukee, "they would've been tightening two years ago and it would have been a mistake. M2 growth has yet to result in any significant increase in the rate of inflation." Kochan thinks an unnamed Fed official's comment to Barron's this week that the Federal Open Market Committee's next move is "a genuine crapshoot" is "a more accurate reflection of the sentiment among FOMC members" than Poole's comments are.