Fed expected to cut rate as growth becomes chief concern
As inflation slows, the primary concern for the U.S. is stimulating economic growth. The Federal Reserve could drop its benchmark interest rate to 1%, possibly with further reductions to follow. "The predominant concern will be inadequate growth," said Lyle Gramley, a senior economic adviser for Stanford Group and former Fed governor. "If the economy shows additional signs of a deepening recession, I think the Fed will decide that the floor is not 1%."
Bloomberg | 10/29
This story published in NRCA SmartBrief on 10/29/2008
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