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To: Boplicity who wrote (17030)	5/14/1999 9:33:00 AM
From: Annette	Read Replies (2) \| Respond to of 41369

126 1/2 is that correct??

To: Boplicity who wrote (17030)	5/14/1999 9:49:00 AM
From: Steeny	Read Replies (2) \| Respond to of 41369

I said that CPI came out much stronger than expected. This is a correct statement. Core inflation came out at .4%(.2% expected)2/10 is considered a lot. CPI rose .7%(.2% expected). Most important part is the core because that excludes energy and food. This is what took the market by surprise. Why do you think the bonds sold off 2 points? The Fed has dropped rates to the lowest levels in years after the Asian crisis last summer. The Fed would love to take back 25 bps if they could without causing too much damage. Admittedly, the bonds are correcting themselves somewhat and this may avert a tightening.