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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Giordano Bruno who wrote (250167)	7/15/2003 1:42:03 PM
From: Giordano Bruno	Read Replies (2) of 436258

Greenspan says no lower limit on fed funds rate Reuters, 07.15.03, 12:03 PM ET WASHINGTON, July 15 (Reuters) - Federal Reserve Chairman Alan Greenspan said on Tuesday there is no level of the federal funds rate below which the Fed would not cut interest rates further, even though there may be an impact on some financial institutions. "I don't see that there is a downside to what we can do conventionally," Greenspan told the House of Representatives Financial Services Committee in response to a question. "I don't envisage that will be necessary but to presume that there's a certain level that's often been stated, say 75 basis points, that that's as low as we can go -- I think that is mistaken. I think we have far more flexibility than is implied in that question," he said. The Federal Reserve cut interest rates to a 45-year low of 1.0 percent last month, and many in financial markets speculated it would be reluctant to cut rates much further. Copyright 2003, Reuters News Service

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