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To: Paul Engel who wrote (77413)	3/29/1999 8:04:00 PM
From: Gerald Walls	Respond to of 186894

Tomorrow is a scheduled meeting of the FED's FOMC and Greenspan et. al. will be Topic 1,2,3 and 4 in tomorrow's news. Every one on Wall street will profess to be "concerned" should the Fed report a shift to a BIAS to Tighten Interest rates. Maybe I'm looking at it wrong, but I don't think that the Fed would tighten if they saw oil-based inflation on the horizon. Raising rates would blunt inflation caused by too much demand, but won't help knock down an externally-caused spike. It would knock down the economy, though, if the stagflation of the 70's is any indication. EDIT: Interesting. Stagflation's in the SI dictionary.

To: Paul Engel who wrote (77413)	3/29/1999 8:26:00 PM
From: Barry Grossman	Read Replies (1) \| Respond to of 186894

Paul, I believe that all we will know tomorrow is whether or not the FOMC decides to raise rates, lower rates, or do nothing. A move towards a change in bias is not going to be reported for what I recall is at least a 6 week delay. This is revealed when the minutes of today's meeting is(are?) released. Anything other than a rate move will be pure media conjecture - and you know what that's worth. Barry