  We examine the results of a coordinated HST-RXTE-CGRO campaign to study the
microquasar GRO J1655-40 during its 1996-7 outburst, focusing on interpretation
of the overall anti-correlation seen between optical and X-ray fluxes during
the early months of the outburst. Our tools include echo-mapping, optical/UV
continuum spectral modelling and analysis of spectral variability. We conclude
by suggesting one possible interpretation for the anti-correlation.
