01/08/2007

Thank You Vice Chairman Kohn

Hello:

This morning, the vice-chairman of the Federal Open Market Committee (FOMC), Mr. Donald Kohn, was kind enough to declare that we have entered a soft landing for the U.S. Economy, but that interest rate cuts were not on the horizon. The FOMC has a difficult task for 2007. On one hand, the committee would like interest rates higher in order to support the US dollar. On the other hand, lower interest rates might put new energy into the domestic real estate market.

Our favorite researchers are still indicating a high probability of flat interest rates for 2007 and then declining interest rates in 2008. We hope that they are correct, however, interest rates are notoriously unpredictable.

Are your donors disenchanted with giving gift cards to relatives? Perhaps they would like to make donations in the name of their grandchildren to your organization in order to guide future generations in the ways of philanthropy.

Terri G. Millson, CIMA, CIMC President

Ray Dicius, CSA, GEPC LPL Branch Manager