05 June 2001 13:45 JP MORGAN'S WARNER: NO SIGN BUSINESS CREDIT DEMAND IS RISING
WARNER: U.S. ECON. STILL ADJUSTING FROM EXCESS BUS. INVESTMENT
WARNER: MUST HOPE LAY-OFFS DO NOT UNDERMINE CONSUMER SPENDING
WARNER: ALMOST NO AMOUNT OF FED CUTS WILL MAKE FIRMS INVEST
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