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Federal Reserve Rate Cuts

This week's In the News chronicles recent Federal Reserve Board decisions to lower interest rates. The eleven resources discussed provide news, opinion, and consumer information on the FRB BOG action. Following the first US interest rate cut in three years on September 29, 1998, FED Chairman Alan Greenspan caught fire from Wall Street. "Traders were disappointed" in the mere quarter point drop, according to Time business reporter Bernard Baumohl, but "Greenspan will have to make do with the gratitude of the rest of the world." Although the DOW initially fell 54 points Tuesday, a second 0.25% cut to short-term interest rates on October 15, 1998 sent stocks soaring 330 points--the third largest one-day point gain in history. Analysts now hope that US investor optimism--coupled with IMF and World Bank action in Brazil, Russia, and Asia--will ease the world-wide economic crises.
Alternate Title
In the News: Federal Reserve Rate Cuts
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Date Issued
1998
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Date of Scout Publication
October 22nd, 1998
Date Of Record Creation
April 7th, 2003 at 1:23pm
Date Of Record Release
April 7th, 2003 at 1:23pm
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2

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