But the risks on keeping policy the same apparently were even greater.

"This suggests the Fed will keep policy steady at least through August and probably through the elections," he said.

Can we keep policy as accommodating as it has been?

It put an instant end to the isolationism that had kept American foreign policy in a chokehold for two decades.

But with the majority of market participants correctly expecting the Fed to keep monetary policy on hold, it had little effect on trading.

"Indeed, we believe there is a reasonably good chance that the Fed will keep monetary policy unchanged after the November election and well into 1997."

The chancellor has raised taxes and announced spending cuts precisely so that the Bank can keep monetary policy loose.

Most analysts also predict the Fed will repeat its open-ended commitment to keep policy loose "for a considerable period."

We have a structurally conservative budget that keeps agricultural policy as it was and makes no attempt to transfer funds to rural development.

He would keep official policy in your minds.