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Setting Sail Again Soon?(Brief Article)
The U.S. Federal Reserve took another step to fight off a recession last week, slashing rates by a quarter point. This brings total cuts this year to an astounding 2.75 percent--the steepest in 19 years. Americans were once again relieved that a recession has been staved off. But the biggest winners may well be European and Asian exporters.
Since last year, European and Asian export business has dwindled severely. The United States absorbs a quarter of the world's exports, and until last summer was the engine of global growth. So when Americans stopped buying, the rest of the world started struggling. Federal Reserve chairman Alan Greenspan's decision to lower interest rates only minimally has given Asian and European exporters the hope for a rebound they needed.
Of course, there are no guarantees that the United States has overcome a recession. The smaller-than-expected interest-rate adjustment was a careful attempt to thread the monetary needle, and can be interpreted three ways. One ...
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Source: HighBeam Research, Setting Sail Again Soon?(Brief Article)