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Strategies & Market Trends : Sharck Soup
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To: puborectalis who wrote (28262)6/16/2001 11:03:23 PM
From: puborectalis  Read Replies (1) of 37746
 
"We had been looking for a 25 basis point easing but now we are calling for a 50 basis point cut which would bring the Fed Funds rate to 3.5 percent," said Merrill Lynch Chief Economist Bruce Steinberg. "The reason we are changing our call is that the economic data continues to deteriorate. There has been a further deterioration in the labor market indicators.

"We think the Fed will need to try to get ahead of this again," Steinberg said. "We think this raises the question about whether there will be any further easings. We do not think this will be it.

"We think it is possible there will be more easings but it will depend on how the economy performs in the next couple of months," he added.
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