WASHINGTON -- Bond market traders speculating that a downturn in global equity markets, particularly the Japanese market, might lead to another trim in interest rates should save their breath. It won't happen.

A Hallmark of the Federa Reserve under Alan Greenspan's leadership is a commitment to managing U.S. price stability with little thought about events overseas. Paul Volcker placed a great deal of emphasis on the value of the dollar as an international currency, but Mr. Greenspan is more interested in manufacturers' orders, consumer confidence, and other measures of economic activity at home.

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