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Fed keeps rates steady then hints at easing pace
The Fed votes 11-1 to hold the funds rate at 1.0 percent signaling a prolonged low rate stance. Analysts expect a further quarter point cut later, with banks likely to trim prime rates to 4.0 percent and boost loan activity as unemployment edges higher. The Dow falls as bond yields hit record lows and mortgage rates dip amid renewed deflation fears.
MENTIONED IN THIS ARTICLE
David Wyss
Standard & Poor's
New York
Bush
Fed
Stuart Hoffman
PNC Financial Services Group
Pittsburgh
Wall Street
Greenspan
Japan
United States
Sung Won Sohn
Wells Fargo
Minneapolis
Sohn