Fed's Bullard sounds knell on rate moves

With the effective federal funds rate trailing the Fed's target by more than 60 basis points and interbank spreads for longer-term loans remaining well above pre-crisis levels, one of the regional Federal Reserve presidents has acknowledged further rate cuts may have little impact in reviving the American economy.

"Whether the Federal Open Market Committee (FOMC) decides to stay on hold at this point or eases further and then stays on hold at some lower level, even zero, may not be the most c