Jim Devine wrote: >Not to minimize the bad news concerning this reestimation, but the good >news, as Dave Richardson pointed out awhile back, is that lower measured >inflation rates mean that the Fed is less likely to get pressured to step >on the brakes. I'm way out of touch here in southwestern Virginia this week, but it sounds like the Fed is worried about the stock market, now that the crisis period in Asia is fading. The president of the Atlanta Fed gave a speech the other day that evoked bubblish fears, though in that careful way Fedsters do. >BTW, Doug, I didn't see you at the economics convention. I still owe you a >beer (or four). I guess I'll have to send you a cyber-beer. 'Cause I'm way out of town this week. How's the convention? I heard there was a party for the Long Term Capital guys. Doug
