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twitterInterest rate cut expected
Tuesday, May 15, 2001 | 10:47 a.m.
WASHINGTON -- The Federal Reserve today was poised to cut interest rates for a fifth time this year, trying yet again to give the sagging economy a boost, economists say.
Another rate cut is needed, they say, given the beleaguered state of the nation's manufacturing sector, which many believe is in a recession of its own, and the weakened job market.
The Fed's chief policy-making group, the Federal Open Market Committee, was expected to announce a cut of one-quarter or one-half a percentage point this afternoon, after the Las Vegas Sun's deadline.
Details of the announcement will be posted on the Sun Internet website lasvegassun.com.
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