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Strategies & Market Trends : Classic TA Workplace

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To: JRI who wrote (18217)	10/26/2001 2:34:03 PM
From: john722	Read Replies (1) of 209892

What a Surprise by Fed: Friday October 26, 2:16 pm Eastern Time Fed's McTeer sees U.S. recession in second half NEW YORK, Oct 26 (Reuters) - Federal Reserve Bank of Dallas President Robert McTeer said on Friday the disruption caused to the U.S. economy by the attacks of Sept. 11 would likely tip the economy into a recession in the second half of 2001. ``I suspect (third quarter growth) will be slightly below zero and I wouldn't be surprised if the fourth quarter isn't a little bit under zero as well. I think eventually it will be designated a recession,'' said McTeer. McTeer, who does not vote on the Fed's policy-setting Federal Open Market Committee until next year, was addressing the Fort Worth Downtown Rotary Club. The Fed has cut overnight bank borrowing costs aggressively this year by 4.0 percentage points to 2.5 percent in an attempt to avert recession, but most economists now think the economy is contracting. The Fed is widely expected to ease rates by an additional 0.25 percentage points at its next meeting on Nov. 6.

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