Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Mu Gamma Lambda -- Ignore unavailable to you. Want to Upgrade?

To: Jorj X Mckie who wrote (5589)	9/6/2001 8:47:18 AM
From: Augustus Gloop	Read Replies (1) \| Respond to of 10077

Yep This guy is a complete fargin liar. Nobody wants to say the "R" word because it will hurt consumer Psychology. But the 3% reduction in rates says it all folks. These people are feeding us nothing but lies and cooked books imo. Thursday September 6, 7:48 am Eastern Time Fed's McDonough: U.S. Recession Unlikely By Sumeet Desai and Mona Megalli LONDON (Reuters) - The U.S. economy is unlikely to fall into recession and growth will probably improve in the second half of this year, Federal Reserve Bank of New York President William McDonough said on Thursday. ADVERTISEMENT The U.S. economy grew at its lowest rate in more than eight years during the second quarter -- expanding by only 0.2 percent in annualized terms. But McDonough, who has a vote on the Fed's monetary policy-setting committee, said ``The likelihood of recession is very low.'' ``The most likely thing is, as most private economic forecasters anticipate, the economy will recover,'' he said in response to a question at a conference on urban development here. The Fed has already cut interest rates by a total of 300 basis points this year in order to boost the economy, bringing overnight borrowing costs to 3.5 percent -- their lowest since 1994. Recession is usually defined as two successive quarters of falling output. But McDonough said: ``We had weaker growth in the second quarter and we will see recovery from there.'' Analysts had also been encouraged by the second-quarter GDP figures because not only had the economy avoided falling output as many had feared but shrinking inventories meant better growth opportunities ahead. Expectations of a rebound in U.S. growth were further heightened earlier this week after the National Association of Purchasing Management's monthly index charting the manufacturing sector rose to a nine-month high in August and showed new orders for manufactured goods rose for the first time this year. But Federal Reserve Bank of St. Louis President William Poole struck a cautious note on Wednesday when he said that though recent data did provide a bit of hope, it was still likely that the U.S. economy was currently not growing at all. McDonough is in London to attend a two-day meeting of the Financial Stability Forum, which was set up by the Group of Seven industrialized nations in 1999 to bolster international financial stability. The next meeting of the Fed's policy-setting committee is on October 2.