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To: freeus who wrote (12741)	4/18/2001 4:48:20 PM
From: jhg_in_kc	Respond to of 13572

Most analysts had written off chances of any more rate moves before mid-May, but the Fed demonstrated it was poised to act whenever it feels it must do so to boost the economy. ``All of us were really caught with our pants down and that's exactly what we needed,'' Sohn said. ``In coming weeks, the Fed will get more bang for the buck from this action because it was so well-timed.'' Lawmakers who have sometimes criticized the U.S. central bank for being slow to act sang a different tune on Wednesday. ``Aggressive action is needed to keep the economy above water,'' said Sen. Chuck Grassley, chairman of the Senate Finance Committee. ``It's a lot easier to prevent a drowning than it is to rescue the drowned.'' The incoming chairman of the Congressional Joint Economic Committee, Rep. Jim Saxton (R-N.J.), said the Fed action was appropriate as it was partly to blame for the current slowing. ``The economic slowdown under way since the middle of last year has been partially caused by Fed tightness, and this policy has now been modified.'' He added that the reductions in interest rates will improve prospects for economic growth ahead