- *Fed lowers rates
As expected, it's a quarter-point change, to 4.5 percent. The vote was 9-1 (Kansas City Fed President Thomas Hoenig preferred no rate change). The accompanying statement indicated that growth and inflation risks are "roughly balanced," which could mean that the Fed will stand pat for a while. Perhaps that explains why stocks are down around 70 points. (NYT)
*Update: Never mind about the market worries. The Dow closed up 137 points.
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| 10:34 AM Oct 31, 2007 | Email the Daily Dragon | Email this Article | Post Comments |
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