Fed Expected to Slash Interest Rates
Despite the Federal Reserve’s recent interest rate cuts that have reduced the federal funds rate to just 1 percent, unemployment is still on the rise, the markets remain in free-fall, and industrial output continues to contract. With so much bleak news, analysts are predicting that the Fed will reduce rates even further today – most argue for half a percent but some feel that we could even see three-quarters of a percent cur from the benchmark lending rate. More
US Inflation Drops 1.7 Percent
The US Labor Department released inflation details this morning showing that consumer prices fell by a more-than-expected 1.7 percent for the month of November. More
Goldman Sachs Reports $2.12 B Loss
Goldman Sachs announced this morning that for the three months ending in November, the New York-based investment firm lost $2.12 billion dollars. More
US Automaker Aid Still On the Way
The White House continues to insist that aid for Detroit’s reeling automakers is on the way. While not revealing the amount of the bailout or even the time frame for delivery, President Bush did underscore the seriousness of the situation stating recently that “this will not be a long process because of the economic fragility of the autos”. More
