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Rate Cut, GDP Plunge Combine To Accelerate Rally In Treasuries.(A)(Credit Markets)
By Reuters
U.S. Treasuries sprang higher for the second straight day on Wednesday after the Federal Reserve, seeking to stop the economic rot, chopped key interest rates by a half-point for the second time this month.
The move, in line with market expectations, accelerated a powerful rally in Treasury issues which began earlier in the session after the government reported sluggish economic growth at the end of 2000.
C R E D I TM A R K E T S
Me
mbers of the Fed's Federal Open Market Committee, in cutting their key overnight bank lending rate to 5.50%, cited eroding consumer and business confidence, weakening manufacturing and higher energy costs.
They also signaled further rate cuts were ahead, saying excessive economic weakness, rather than inflation, posed the pre-eminent risk to the giant U.S. economy in future months.
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