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That, in turn, makes it more likely that the Federal Reserve will announce a cut in its benchmark rate when it next meets on Sept. 18, Mr. Malvey said.
The Central Bank responded with a half-point cut in its benchmark interest rate.
Not until 1994 did the Fed begin to regularly announce changes in its benchmark interest rate.
And the central bank's dramatic hike in its benchmark interest rate has done nothing to stem the free fall.
The Fed's half-point cut last week in its benchmark interest rate will keep expansion alive, he said.
Both are keeping no-interest loan offers in the market despite the Federal Reserve's increase in its benchmark rate in late June.
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The Federal Open Market Committee meeting minutes released Tuesday indicated that the central bank's outlook was gloomy when it made an unprecedented move in cutting its benchmark federal funds rate to a target range of 0.0% to 0.25% on December 16.
Westchester is far ahead in meeting its benchmark of building 750 units of fair and affordable housing in 31 mostly white communities under the 2009 settlement reached by my predecessor and the federal government.
A DAILY round-up of economic news:The Bank of England has joined the Federal Reserve in bringing its benchmark interest rate down to near zero.
On February 12th the independent Central Bank joined in, slashing its benchmark interest rate by a massive two-and-a-half percentage points, to 4.75%.
In lowering its benchmark federal funds rate by half a percentage point, to 3percentthethe central bank signaled that it was ready to err on the side of boldness in fending off a possible recession.
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