Shadow Group tells Fed to end rate cuts

- Central Banking staff
- 24 Oct 2001

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US - In studying the Federal Reserve for six decades, Anna Schwartz has witnessed some of the Fed's most aggressive interest rate reductions, such as those after the Korean War, before Richard Nixon's re-election and during Ronald Reagan's second year of office.

None of that prepared her for what she's seen this year -- nine rate cuts in ten months that have left the benchmark lending rate at a 39-year-low of 2.5 percent.

``I've never seen the Fed do so much in so little time,'' said the 86-year

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