Message-ID: <27693761.1075851018420.JavaMail.evans@thyme>
Date: Tue, 20 Mar 2001 11:25:00 -0800 (PST)
From: maureen.raymond@enron.com
To: steven.kean@enron.com, gwyn.koepke@enron.com
Subject: U.S. Secretary of Energy's Speech
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The Energy Secretary's speech can be found at 
http://www.energy.gov/HQDocs/speeches/2001/marss/energy_speech_v.html



Also the Fed cut 50 bps.

Federal Reserve Board

Release Date: March 20, 2001 

For immediate release 


The Federal Open Market Committee at its meeting today decided to lower its 
target for the federal funds rate by 50 basis points to 5 percent. In a 
related action, the Board of Governors approved a 50 basis point reduction in 
the discount rate to 4-1/2 percent. 
Persistent pressures on profit margins are restraining investment spending 
and, through declines in equity wealth, consumption. The associated backup in 
inventories has induced a rapid response in manufacturing output and, with 
spending having firmed a bit since last year, inventory adjustment appears to 
be well underway. 
Although current developments do not appear to have materially diminished the 
prospects for long-term growth in productivity, excess productive capacity 
has emerged recently. The possibility that this excess could continue for 
some time and the potential for weakness in global economic conditions 
suggest substantial risks that demand and production could remain soft. In 
these circumstances, when the economic situation could be evolving rapidly, 
the Federal Reserve will need to monitor developments closely. 
The Committee continues to believe that against the background of its 
long-run goals of price stability and sustainable economic growth and of the 
information currently available, the risks are weighted mainly toward 
conditions that may generate economic weakness in the foreseeable future. 
In taking the discount rate action, the Federal Reserve Board approved 
requests submitted by the Boards of Directors of all twelve Reserve Banks. 

Regards,

Maureen