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To: bill meehan who wrote (44887)	6/3/1999 3:07:00 PM
From: John Pitera	Read Replies (1) \| Respond to of 86076

interesting comments from Briefing.com Word has it that Fed Gov Gramlich was so eager to blab about the worrisome price component of the NAPM that he spoke to reporters about it on the way in to his speech. Gramlich told the press that the increase in the May NAPM price component raises concerns for the Fed, and that the FOMC will have to "sort these things out" at the June 30 meeting. There has been a bit of reaction to Gramlich's hawkish comments, as the intermediate sector is taking a small hit. Earlier today, Richmond Fed Pres Broaddus and Fed Gov Meyer were speaking. Broaddus pretty much repeated what he said last night (see the 8:10 ET ticker) and Meyer -- surprisingly -- spoke only about Y2K and banking regulation.

To: bill meehan who wrote (44887)	6/3/1999 3:55:00 PM
From: Haim R. Branisteanu	Respond to of 86076

Hi Bill: - The IBM example is posted on my website - the chicken page with comparison of the outstanding national debt of several European companies. The issue was trying to bring up is the fact that those siding with the bullish case ignore even well known facts such as the Kosovo issue. The famous dam in China is another sinkhole of debt. I do not remember the numbers but it is huge. As to the Euro it was suppose to bring all the countries participating in this arrangement to certain economic discipline. Due the Russian and Kosovo crisis they started to lax the rules of fiscal discipline due to a sluggish European economy which is now blamed on Kosovo but is also structural in nature. Europe economy is to weak to support the rebuilding of Serbia without any impact and this problem will hit home. Slugish European markets will slow the growth in the US IMHO in addition to a weak Asian market. BWDIK Haim