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To: Mohan Marette who wrote (123118)	5/7/1999 1:16:00 PM
From: Lee	Read Replies (2) \| Respond to of 176388

Hey Mo,..Re:.Greenspan addressed long-term worries -Atlanta Fed Thanks for the article. He's probably right. AG has been worried a long time about the shrinking pool of available labor especially with all the new jobs created last year. He addressed that issue in his speech. The number of people willing to work can be usefully defined as the unemployed component of the labor force plus those not actively seeking work, and thus not counted in the labor force, but who nonetheless say they would like a job if they could get one. This pool of potential workers aged sixteen to sixty-four currently numbers about 10 million, or just 5-3/4 percent of the corresponding population. This is the lowest such percentage on record--which begins in 1970--and is 2-1/2 percentage points below its average over that period. He's also pretty convinced there's a fundamental change in the economy but said it couldn't be proven. It is the observation that there has been a perceptible quickening in the pace at which technological innovations are applied that argues for the hypothesis that the recent acceleration in labor productivity is not just a cyclical phenomenon or a statistical aberration, but reflects--at least in part--more deep-seated, still developing, shift in our economic landscape. bog.frb.fed.us Which is why it is puzzling why bonds keep trying to sell-off unless it is purely technical selling. Anyway, as Chuzz pointed out, Fed only sets short-term rates and eventually, the long bond will get off it's steepening binge unless the up-coming PPI, CPI numbers are really strong.<g> Makes for interesting trading though. <g> Best, Lee