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To: Terry Whitman who wrote (43511)	5/27/1999 12:15:00 PM
From: John Pitera	Read Replies (2) \| Respond to of 86076

Re. the Bond . It makes sense that the Fed may tighten at this next meeting. WIth Y2K concerns if they want to tighten this year they do not want to wait until the fall, better to get it into the first half of the year. If the Fed does not raise rates at least once this year then, If the market has a big crash the Fed can be blamed for not raising rates even once to avert a crash. If the Fed waits until the fall and raises rates and we have a Y2K related crash the Fed will be blamed for raising rates when they should have know about Y2K distress to the global economy and the coming spot shortages, and supply disruptions. So to thread the needle raise the rates in the window of time best suited to do it.... Just a thought