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Federal Reserve debated rate cuts amid credit crunch
Borrowers and economists watched for a possible federal funds rate cut from 5.25 percent as the Fed faced a global credit crunch and a housing slump. Analysts differed on timing with some predicting a 0.25 point cut in September, followed by October and December moves, while others urged caution. Bernanke vowed to act as needed to shield the economy, noting policy will follow economic conditions rather than protect lenders. The economy had grown 4 percent recently but is expected to slow, unemployment rising toward 5 percent, and the Fed had already cut rates to 5.75 percent for banks on Aug. 17 along with large liquidity injections.
MENTIONED IN THIS ARTICLE
Jackson
Wyo
Federal Reserve
Fed
Bén Bernanke
Wall Street
Lyle Gramley
Stanford Washington Research Group
Laurence Meyer
Federal Reserve Board
Macroeconomic Advisers
Carl Tannenbaum
LaSalle Bank
Bernanke