This tells me the Fed is correctly looking forward, looking at the risk of consumers pulling back in spending because stocks have fallen. They're working in anticipation of that to make sure the U.S. economy does not slip into recession. I'm very encouraged by the Fed's action. |
We are still seeing pockets of strength, and pockets of weakness, and while I don't think the Fed will move in December, I do think we will see further rate cuts in '99. |