Fed faces uncertain times and difficult decisions

Stephen Cecchetti, the Rosenberg professor of global finance at the Brandeis International Business School, discusses why the outlook for the United States economy is so hard to call and if the Federal Reserve was right to cut rates.

As we approach the middle of winter, it seems like a good time to take stock. The United States economy has slowed markedly, growing a mere 0.6% (at an annual rate) in the fourth quarter of 2007. But even so, real United States GDP increased by 2.5% during the year

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