WASHINGTON - A serious bout of financial market instability has dramatically changed the debate at the Federal Reserve from worries about inflation to concerns about the possibility of a recession.
Fed policymakers began their closed-door discussions Tuesday with investors widely expecting the central bank will decide to cut its target for the federal funds rate, the interest that banks charge each other, for the first time in more than for years.
Fed Chairman Ben Bernanke, facing his first major test since taking over from Alan Greenspan in early 2006, has been sending signals that he is prepared "to act as needed" to cushion the impact on the economy from the market …
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