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NEW YORK (Reuters) - A sputtering job market has convinced economists at key U.S. investment banks that the Federal Reserve will need to resort to a steeper half-percentage point interest rate cut when it meets later this month.
Both Goldman Sachs and JP Morgan said on Friday they now see the Fed slashing the benchmark federal funds rate down to 3.75 percent from the current 4.25 percent, with Goldman also considering the possibility of an intermeeting move.
Goldman sees three further rate cuts after January, of 25 basis points each, bringing the fed funds rate to 3.00 percent by mid-year.
reply to post by St Udio
but i'm figuring that the pprime lending rate for the masses of consumers/credit junkies will only get 25 basis point hair-cut....