May 1, 2008
JustQuotes: The Fed Cuts By A Quarter Point (And Takes A Step Back)
“The Fed's Open Market Committee lowered its benchmark rate by a quarter point to 2 percent yesterday, extending the most aggressive easing in two decades. At the same time, the Fed backed away from previous language signaling a preference for further cuts and described reductions to date as 'substantial.'
Chairman Ben S. Bernanke is navigating between a faltering economic expansion and near-record oil and commodity prices that threaten to stoke inflation. The central bank didn't rule out further reductions, and it may take additional actions aimed at easing financial-market turmoil, such as expanding the size of cash-loan auctions for commercial banks.”
∙ Fed May Take Breather After Seven Rate Cuts, Emergency Loans [Bloomberg]
First Published: May 1, 2008 3:30 AM
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