8 June 2001, 16:17  FED'S KELLEY, STERN: 2ND INVENTORY CYCLE A RISK IF SPDG WEAK

EXPECT INVENTORY CORRECTION WILL BE OVER SOON
MUST BALANCE SHORT-TERM DOWNSIDE, L-TERM UPSIDE RISKS
MEYER CALL FOR MORE 'CALIBRATED' FED EASING 'ELEGANT'
SEE PROFIT SQUEEZE, NOT INFLATION PROBLEM NOW
INFL MAY BECOME 'SERIOUS CONCERN' AS ECONOMY REBOUNDS
'DOWNSIDE RISKS STILL QUITE STRONG IN POL-MAKERS MINDS'
THOUGH BANK CREDIT WEAKER, CORP BOND ISSUANCE STRONGER

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