It's Not Much Of A Cut, But It's A Cut

In mid-July, a senior Federal Reserve official relaxed on the couch in his office and listed the reasons the central bank could take it easy for the summer. The economy was recovering but not fast enough to revive inflation fears. Financial markets were quiet, and so was the bickering among Fed factions. "We have a pretty good period ahead of us," he said. But, he added, "you can't predict this recovery very well."

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