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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: Jim Willie CB who wrote (36131)	4/21/2001 1:26:43 PM
From: stockman_scott	Read Replies (2) of 65232

Fed on Alert for Further Economic Slowing <<DEWEY BEACH, Del. (Reuters) - Federal Reserve Bank of Philadelphia President Anthony Santomero said on Saturday he did not expect the slumping U.S. economy to slip into recession but made it clear that the central bank was poised to quickly lower interest rates again if necessary. Santomero, who is not currently a voting member of the Fed's policy-setting committee, was speaking just four days after the Fed took financial markets off guard with a surprise half-point cut in benchmark borrowing costs to 4.50 percent. That was the central bank's fourth half-point easing this year -- and its second between regular scheduled meetings -- in a bid to kick-start flagging economic growth. ``Should further weakness in spending materialize, the Fed has the latitude to again respond quickly and effectively. Just as I believe we have done in the past four months,'' Santomero told an audience of bankers at a regional banking conference. Santomero said he expected the U.S. economy, which grew at a paltry 1.0 percent annualized rate in the fourth quarter of last year, will continue growing sluggishly through the first half of this year before again rebounding to a more robust pace. ``The pace of growth slowed sharply in the fall of 2000, and I expect that growth will remain slow throughout the first half of 2001. While considerable uncertainty remains and there are risks along the way, I do not expect this slowdown to halt the economic expansion,'' Santomero said.>>

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