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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club -- Ignore unavailable to you. Want to Upgrade?

To: Wally Mastroly who wrote (5539)	6/2/1999 9:33:00 AM
From: Lars	Read Replies (1) \| Respond to of 15132

Humor * Justabid.com CEO Justawerkenstiff insulted by latest MSFT offer * Message 9902945

To: Wally Mastroly who wrote (5539)	6/3/1999 2:32:00 PM
From: Wally Mastroly	Read Replies (1) \| Respond to of 15132

Fed Watch - Fed looking for inflation acceleration - Gramlich WASHINGTON, June 3 (Reuters) - Federal Reserve Board Governor Edward Gramlich said on Thursday the U.S. central bank was looking closely at economic indicators to see whether inflation was accelerating. ''We're looking hard for evidence of acceleration. The question is: was the CPI (April's Consumer Price Index) a one month fluke or not, or was this a real warning sign?'' Gramlich told reporters after speaking about the Community Reinvestment Act at the National Economists Club in Washington. Asked if he was concerned about the risk of higher inflation, he replied that last month's decision by the Federal Open Market Committee to change its monetary policy bias to tightening from neutral appeared to reflect the fear of rising prices. ''The concern of the FOMC, as evidenced by the recent tilt, seems to indicate so,'' he said. Gramlich said the central bank would be watching Friday's release of the May employment report for ''evidence of strength in the economy''. But he declined to comment further on the U.S. monetary policy outlook. ''I'm sorry but this a very delicate time,'' he said.