WOJNILOWER SEES DROP IN U.S. INTEREST RATES
  The Federal Reserve will promote lower
  interest rates this year to sustain world economic growth,
  First Boston Corp managing director Albert Wojnilower said.
      As much as the Fed would like to take a tough line against
  inflation, it cannot act to slow the growth of credit without
  subverting national U.S. economic policy.
      "On selected occasions when the dollar seems steady, and,
  because the trade deficit is not responding, the United States
  decided to push Germany and Japan harder to meet their
  commitments to economic growth, the Federal Reserve will do its
  part by moving rates down," Wojnilower said in a report.
      "Justifiably not anticipating either a recession or
  seriously higher interest rates, securities market participants
  have seen little to fear," Wojnilower said.
      He said last week's "hiccup" in money and currency rates
  and bond and stock prices was probably caused by Japanese
  window dressing for March 31 end-of-fiscal-year accounts.
      Wojnilower said the U.S. probably enjoyed above-average
  economic growth in the first quarter. However, the pick-up
  seems to reflect an unsustainable pace of inventory building
  and the prospect for the full year is still for real gross
  national product growth of about 2-1/2 pct, he said.
  

