When Federal Reserve Chairman Alan Greenspan launched the central bank on its campaign to cut interest rates in January, 2000, he was determined not to repeat the mistake he made during the recession 10 years earlier. Back then, Greenspan's Fed at first hesitated to ease credit, then reduced rates in baby steps of a quarter-percentage-point each. This time, the monetary maestro has pursued a different strategy. He cut rates early and often—five straight times in half-point increments.
展开▼
