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To: JRI who wrote (123086)	5/7/1999 11:54:00 AM
From: Lee	Respond to of 176387

Hi John,..Re:. Saw the report this morning? There is no inflation....bond market is scared for nothing, IMO...misread Greenspan's comments... John, the important number, average hourly earnings, was great. Year on year it is only 3.2% down from a high of 4.6% last year. I was going long Sept. bond options but hungup the trading PC when I tried to add the symbols.<g> Somebody, maybe a lot of people completely misinterpreted AG's remarks. I thought he was a little overly exuberant about the good economy and practically said that technology and productivity have changed economic forecasting. However, towards the end of his speech, he mentioned that they, (economists), have a long history of wrongly forecasting where interest rates and growth are going so maybe things would change. (i.e. go back to the old relationship between employment and wage inflation) I think his cautionary remarks were just lip service to his bear friends on the FOMC whom he has to convince not to raise rates. <g> One in a government job afterall has to practice diplomacy occasionally.<vbg> It's possible 5.5% long rate is doable later but with the current numbers it's hard to be strongly bullish.<g> BTW, John Ryding of Bear Stearns said the long bond selling was primarily technical. CBOT reports that traders don't know what to make of his speech and today's numbers.<g> Opening Financial Futures Report for Friday, May 7, 1999 cbot.com Debt futures were trading on both sides of unchanged levels as the market absorbs this morning's economic news. Credit futures bounced around in volatile conditions as this morning's jobs report left traders mixed on the future of interest rates. Cheers, Lee