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Strategies & Market Trends : Argentine stocks -- Ignore unavailable to you. Want to Upgrade?

To: EPS who wrote (261)	4/1/1999 12:37:00 PM
From: Tom	Read Replies (1) \| Respond to of 331

Hi, Victor. I wondered what was going on last night w/ the Nikkei. Consider the following carefully. CBOT 03-31 Fed Funds were last reported to be trading at 5 1/4%, which was higher than the 5 1/8% rate that traded when the Fed added $8.058 billion to banking reserves via overnight repos. The move was viewed as technical to address the add need. CBOT 04-01 Fed Funds opened at 5 1/4% and were last reported to be trading at 5 3/8%. The early call is for the Fed to add reserves during its normal intervention time. Fed Funds in recent months have been stable at around 4 3/4%. Appears the Fed may have changed their target rate. My take is that interest rates are headed up in earnest, across the board. We'll see what happens. Best, Tom