Fed Phrenology July 7, 2000 Dear Investor: An economic slowdown is at hand. If you’re nine years old, this is the first such event you’ve ever witnessed; for the rest of us, it’s business as usual. The economy does appear to be disengaging from nine years of solid expansion. Home sales have started to soften and unemployment has ticked up, establishing 3.9% as the bottom threshold. Anecdotally, there are further signs of slowdown. But anecdotes...