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To: Lee who wrote (125597)	5/17/1999 5:40:00 PM
From: Rich Young	Read Replies (1) \| Respond to of 176387

I think everyone got a sneak peek last night in the foreign markets what would happen if we raised rates or maybe even shifted the bias. Clearly foreign markets would not be happy with that, so I think we have to carry them on our backs a little longer, even if it means risking a little inflation on our home turf. I predict no changes tomorrow and maybe even some commentary like "it's too soon to act one way or the other, but we're watching very closely". Rich

To: Lee who wrote (125597)	5/17/1999 6:32:00 PM
From: JRI	Respond to of 176387

Lee- Don't know if you saw the WSJ cover article on "new era" economy...but I'm glad to see more play to the incredible deflationary impact (1) the internet is having, is going to have on world economies...combined with (2) what is a general oversupply of cheap goods (which doesn't look to end anytime soon...everyone trying to export their way to health), and (3) continous productivity gains from technology implementation...Powerful, powerful downward pressure on prices in the U.S., many places worldwide... Well, (1) and (3) are going to be with us for the next several years...it will be interesting to see what the easing of (2), which will happen eventually...but I reckon no time soon, will due to inflation...I'm sure the bond market will (over) react in advance in any case...