Growth is likely to be lower in '98 than it was in '97. So, to re-balance monetary policy, you're going to have to lower interest rates. The question is by how much? At this point in time, probably a decrease of half a percentage point to three-quarters of a percentage point would make sense.

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Non-comps are a very small part of the overall auction, of course. There was no sloppiness in the market.

195

There was a bit of a run over the last few minutes of trading. It was a market response to the announcement of the Russian rescheduling. There was a lot of confusion about those details.

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