1.   Analysts said they expect banks to bid down the repo rate gradually during the first quarter, keeping hopes for another interest-rate cut alive.

2.   All but one of those who expected a rate cut today assumed the bank would only cut by a quarter point to keep hopes of another rate cut alive.

3.   But when leaders arrived at the White House for budget negotiations Thursday afternoon, Clinton said he wanted to keep at least part of the tax cut bill alive.

4.   That could be a smokescreen to support the markets by keeping hopes of a rate cut alive, Sechzer argued.