hawks win

[Doug Henwood]

In accordance with Geoffrey Crowther's guidelines for journalists -
simplify & exaggerate - the Fed hawks won. Greenspan couldn't get the hawks
- there are 5 or 7 of them among the board and regional bank presidents -
to go for more than 1/4 point on fed funds, no change in the discount rate.
The smart Fedwatcher David Jones was just on CNBC saying that the wording
of the press release sounded like this was it for a while, too.

Doug