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To: Mark Fowler who wrote (60318)	6/3/1999 8:29:00 PM
From: Lizzie Tudor	Read Replies (2) \| Respond to of 164684

I must be in a parallel universe because things are cooling off a little here. We had a real spike in gas prices 7 weeks or so ago, but that has cooled and prices are coming down. Hiring is stable around here, but I live in a sort of wonderland as far as magic money is concerned (N. Calif)

To: Mark Fowler who wrote (60318)	6/3/1999 8:34:00 PM
From: GST	Read Replies (3) \| Respond to of 164684

Mark -- I don't set out to be bearish. Tomorrow's data and more data next week have the potential to seriously steepen the yield curve. This is why I have puts. In the face of strong economic data, if the market perceives AG as a gradualist then rates will head for the sky. If the market perceives AG as aggressive and ready to stay ahead of the curve then there is still time to head this scenario off at the pass and keep the curve relatively flat. The shape f the curve is everything. That is the central issue -- is AG prepared to stay ahead of the curve? Or is he going to let it steeepen and then have to chase it much higher? Last October AG engineered a liquidity event to keep the market from going into meltdown. Now the market will test his ability to shut the taps off in time. If you think AG raising interest rates is the source of risk to the market -- and I don't know if that is what you or the thread thinks -- but if it is, then I would urge you to think again.