A Rate Cut on Hold
Before the recent global financial crisis began, the Federal Reserve Board under Chairman Ben S. Bernanke was ready to take a subtle step toward easier money in order to stave off U.S. recession fears. Ready for approval was a new Federal Open Market Committee (FOMC) statement ending the central bank's neutrality and putting it on a bias for an interest rate cut. But international credit scares changed all that.
The Fed and other central banks moved quickly and in unison last Friday to pump more cash into financial systems, successfully stabilizing markets made jittery by collapsing hedge funds around the world.… Seguir leyendo »