NEW YORK - Like many of his peers, bond strategist James Snyder of Northern Trust Co. has misgivings about the Clinton administration. But he remains optimistic that, with economic growth at about 3%, "we're not going back to recession."

That doesn't mean there isn't cause for concern, particularly with interest rate volatility caused by political uncertainty, said Mr. Snyder, a senior vice president who oversees the management of some $9 billion in fixed-income assets for the unit of Chicago-based Northern Trust Corp.

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