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Greenspan Sees Weakness Lingering, Hints Of No Immediate Cut In Rates.(A)(Company In The News)
Byline: Donald H. Gold
Investor's Business Daily
The economy's still in a slowdown, but it's not as bad as it was late in the fourth quarter, Federal Reserve Chairman Alan Greenspan told Congress Wednesdayin remarks that broadly hinted he felt no pressing need to cut interest rates right away.
And a Commerce Department report showed the slowdown, which hit sometime in thefourth quarter, was sharper than previously thought.
Greenspan's picture of a sharply slowing
economy - and hints of more interest-rate cuts coming - hit the financial markets. The Treasury's benchmark 10-year note rose 10/32, sending the yield 6 basis points lower to 4.91%. The dollar fell in Europe, with the euro rising 0.56 cent to 92.20 cents.
But share prices tumbled as hopes for an inter-meeting Fed rate cut dimmed. TheDow Jones industrial average sank 141.60 points, or 1.33%, to 10,495.28. The Nasdaq composite index lost 55.99 points, or 2.54%, to 2151.83.
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