For Greenspan, A Time to Cut or
To Surprise?
Surprised that the economic slump endures, Federal Reserve Chairman Alan
Greenspan has indicated that he is fully prepared to slash interest rates
yet again as a form of "insurance" against a new economic downturn and
rising deflation worries.
If the central bank does cut short-term interest rates, it would be the 13th
such reduction since January 2001 and would send rates to their lowest level
since the 1950s; however, if the Fed decides to do nothing, mortgage and
other interest rates will probably rise and fewer consumers would be able to
refinance their home loans and pump the savings back into the economy.
"You have so much anticipation that if the Fed didn't do anything now,
people would all run for the same door at the same time," according to DRW
Trading strategist Lou Brien. While President Bush has endorsed another term
for Greenspan, whose current four-year term is not due to end until next
June, the Fed chairman recently turned 77 and already is the oldest person
to ever hold his job.
Source: New York Times (06/10/03); Leonhardt, David
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