I think the strong snap-back we've seen might be a bit unnerving. It depends on whether (Fed chairman) Mr. Greenspan wants to shake things up.

The Fed chairman has a lot of latitude to do things the way he wants to. I don't see why he wouldn't carry the day the way he wants to.

I think (Fed Chairman) Alan Greenspan has made it all but official, we'll get another rate cut in June, but my guess is a quarter point rate cut, principally because of what we're seeing on the inflation report. The CPI and PPI have been trending up over the last two years.

We've had the same Fed chairman for so many years that we have a standard. He represents an unknown, to an extent.

It is not as if they named a plumber as chairman of the Fed.

The Fed Chairman would be very happy if the bond market did some of the tightening for him. And I think if we saw the long bond yield back above, say, 6.75 percent, edging towards 7 percent, that would limit some of the restraint the Fed would have to impose on the economy.