Word: hike
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After months of fussing and fretting that the Fed would raise interest rates, the markets finally let their guard down ? and got a nasty shock. No, Alan Greenspan didn?t hike 'em a third straight time. But he let everybody know he?s watching, moving the Fed?s bias toward tightening and sending a recently resurgent Dow into an instant 100-point mini-tailspin (thus smothering an earlier rally and ending the day even). "It?s a clear signal that the bank is concerned that the economy isn?t slowing down fast enough," says TIME senior economics correspondent Bernard Baumohl...
...Alan?s cautiousness set us up for another black autumn? Baumohl doubts it. "The markets had factored in a no-hike with a neutral bias, so this was a sell-off on the surprise," he says. "But when they realize that no hike is still no hike, they?ll get over it." They?ll have time ? Baumohl expects the Fed to stand pat on the bias all the way until spring, thus making sure there?s plenty of money lying around in the credit markets for any Y2K foofaraw. Of course, unjustified fretting is always a possibility...
...knows how long how thatcould take." The stock market, meanwhile, doesn?t seem to much care who wins; as long as big companies are throwing their weight around again, traders don?t even have time to worry about the Fed (meeting tomorrow. The smart money?s on no rate hike). Sprint shares were hopping Monday on the news of a duel for the maiden?s hand, and the Dow and NASDAQ alike were following suit. At least some folks still know the value of a wheelbarrow-ful of the green stuff...
...Getting out of Harvard will drain the stress out of anyone. Day and night jaunts to Olmstead's stunning Arnold Arboretum, 265 acres of landscaped beauty with a sweeping view of Boston; a hike through the nine parks of the renowned Emerald Necklace; and a "Waterways Boston Tour" through Jamaica Pond, the Back Bay Fens and downtown secret garden. Perhaps the most notorious, the Freedom Trail leads through Boston's bastions of revolutionary fervor and architectural masterpieces-it's a history lesson in and of itself (Boston Park Rangers, 1010 Mass. Ave.; 635-7383; tours leave from various sites...
...easy first step is to escape the madness of Harvard. Make the hike to Mt. Auburn Cemetery (580 Mt. Auburn St., across from Star Market; 547-7105 for directions; 8 a.m. to 6 p.m.) where acres of peaceful nooks and quiet crannies await. It's a.m.erica's oldest garden cemetery. 10 miles of tree-lined roads and cool birdwatching spots encourage reflection and spiritual repair...