SHEARSON ECONOMIST SAYS VOLCKER EFFECT SHORT-TERM
Alan Sinai, chief economist of Shearson
Lehman Brothers Inc, said news that Federal Reserve Chairman
Paul Volcker declined to accept reappointment would have only a
short-term effect on financial markets.
    "The markets should not go into a panic," Sinai told a
fixed-income conference in New York sponsored by the Institute
for International Research.
    Sinai said he thought that Volcker was one of the best Fed
governors in the country's history. Still, he predicted that
the markets would calm after today's tremors.
    Alan Greenspan has been nominated to replace Volcker.
 Reuter
