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To: Lee who wrote (118894)	4/20/1999 12:49:00 PM
From: Mohan Marette	Respond to of 176387

Ref:U.S interest rates--->Analyst's view from Joe Battapaglia,Gruntal & Co Hi Lee: Here is an interesting take from Joe,thought you might be interested. ======================== Source:Multex multexinvestor.com Welcome to the Analyst Corner Gruntal & Co.'s Joe Battipaglia Today's topic: Can Interest Rates Go Lower? Perspective: The Federal Reserve is likely to allow short-term rates to remain within my 4½% to 5% target range without any major directional shift in policy during 1999. With the inflation fight now largely fought and won, Alan Greenspan sits in the enviable position of having ample latitude to expand money supply as needed to help foster a climate of growth globally, while simultaneously helping to maintain fluid and stable currency markets overseas. Recent strength in manufacturing should take a back seat, therefore to the larger global direction for short-term rates which is decidedly lower. Since the last US rate cut on November 17th, Japan, Brazil and most of Europe have taken steps to significantly lower short term rates – thus making our rate structure higher on a relative basis. Given this, our central bankers are well positioned to cut rates if necessary but have little real pressure to institute any wholesale changes at this time.