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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: MythMan who wrote (6108)9/16/1998 1:56:00 PM
From: yard_man  Read Replies (1) of 86076
 
Fed cannot help world with US rate cut-StLouis Fed

NEW YORK, Sept 16 (Reuters) - Federal Reserve Bank of St. Louis President William Poole said on Wednesday
the U.S. central bank cannot restore stability to a troubled world economy with a cut in the 5.50-percent federal
funds rate.

''Many are calling on the Fed to reduce interest rates to calm the market. Some argue that cutting rates in the United States will promote a more
healthy financial and growth environment abroad, will ease the pressing financial problems in Russia, and so forth,'' Poole told a regional meeting of the
National Association for Business Economics (NABE).

The speech was also available in New York.

''The fact of the matter is that with one policy instrument the Federal Reserve cannot do all of these things,'' added Poole, who is a voting member of
the Federal Open Market Committee (FOMC) this year.

Poole dissented in favor of an immediate tightening in May, on concern rapid money growth may fuel inflationary pressures.

Poole did not dissent at the June 30-July 1 meeting, the last one for which FOMC minutes are available.

The St. Louis Fed president cautioned that ''any attempt to pursue other objectives'' than U.S. price stability ''would only add to world financial
problems.''
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