At a bottom now for gold? Message Board

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Gold/Mining/Energy : At a bottom now for gold?

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To: ahhaha who wrote (1670)	9/23/1998 12:07:00 PM
From: Ahda	Read Replies (1) of 1911

If we assume this happens in your opinion what will the results be. Wednesday September 23 8:36 AM EDT Greenspan Reportedly May Propose Rate Cut WASHINGTON (Reuters) - Federal Reserve Board Chairman Alan Greenspan appears before Congress Wednesday amid what the Washington Post said were growing signs the U.S. central bank chief may propose cutting interest rates next week. Greenspan testifies to the Senate Budget Committee at 2 p.m. The Washington Post Wednesday said there had been an apparent shift in thinking at the Fed. Greenspan said last week no coordinated global rate cut was in the works. One sign of the shift came Tuesday when William McDonough, president of the New York Federal Reserve Bank, indicated he was now leaning in the direction of cutting rates, the Post said. He was speaking at a London news conference and his views almost always mirror those of Greenspan, the Post said. Any change in rates could occur on Sept. 29 when the Federal Open Market Committee, the policy-making arm of the Federal Reserve, holds its next closed-door meeting. ''I can assure you that as I go into that meeting, I will continue to be very aware of potential weakness in our economy,'' said McDonough, who is vice chairman of the FOMC. McDonough also cited ''anecdotal evidence'' including a reduction in consumer confidence and reduced labor layoffs. Some economists have expected interest rate cuts in the wake of financial crises in Asian and Latin American markets. If rates were lowered and the U.S. dollar dropped in response, it would be easier for struggling foreign borrowers to repay debt. Lower interest rates could also stimulate world economic growth.

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