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Strategies & Market Trends : Sharck Soup

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To: Moez who wrote (8145)	1/25/2001 11:30:17 AM
From: 2MAR$	of 37746

DJ Greenspan/Interest Rate Cuts -2: Wall Street Saw Conflict WASHINGTON (Dow Jones)--Federal Reserve Chairman Alan Greenspan said Thursday that tax cuts being contemplated by Congress will not deter the U.S. central bank from further interest rate cuts if it sees a need for them. Greenspan, testifying before the Senate Budget Committee, was asked by Republican Sen. Charles Grassley of Iowa whether tax cuts would alter the Fed's monetary policy. "We can reduce taxes even if you are in the process, as you did three weeks ago, or in the future, of reducing interest rates," Grassley asked. "There's no incompatibility?" Greenspan replied: "None that I'm aware of, senator." The Fed this month cut its key federal funds rate by half a percentage point to keep the economy out of recession. Economists on Wall Street expect the Fed to make an additional cut next week, and eventually lower the fed funds rate to 5% from its current level of 6%. But many of them have expressed worry that the Fed may decide not to cut rates as much if Congress enacts tax cuts. -By Joseph Rebello, Dow Jones Newswires; 202-862-9279; joseph.rebello@dowjones.com (END) DOW JONES NEWS 01-25-

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