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Strategies & Market Trends : The Thread

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To: stan s. who started this subject	5/30/2001 2:24:35 PM
From: SirRealist	of 49816

Fed's McTeer: Doesn't See More Than 1.3% 2nd Quarter GDP Pace SAN ANTONIO -(Dow Jones)- Dallas Federal Reserve President Robert McTeer questioned the reasoning behind what many see as a concerted view among Fed officials that the U.S. economy will stage a solid rebound in the second half of 2001. "I don't know who came up with consensus that the economy would recover in the second half," said McTeer, speaking to reporters before a speech scheduled here Wednesday. However, McTeer declined to forecast what he sees in store for the economy in the second half. McTeer also said that he does not expect economic growth in the second quarter to outpace the 1.3% annualized pace seen in the government's most recent estimate of first-quarter growth. "We probably wouldn't do better than 1.3% in the second quarter," he said. He also said that the market's expectations for Fed rate-cutting has become more tempered following the Fed's 2.5 percentage points worth of cuts this year. "The market used to be of one mind that we need to cut and we need to cut now, but now it's split," said McTeer. -Steven Vames; Dow Jones Newswires; steven.vames@dowjones.com; 201-938-2206 (Bill Day of the Express-News in San Antonio contributed to this report.)

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