Fakeeh Care Group reports 9M-2024 net profit of SR195.3 million, up 49% y-o-y driven by solid revenue growth and robust profitability    GASTAT: Passengers of public transport bus and train soar 176% and 33% respectively in 2023    Harris tells supporters 'never give up' and urges peaceful transfer of power    Italy's 'Libra' to arrive in Albania with just eight migrants on board    South Africa shuts border crossing with Mozambique over poll unrest    French families sue TikTok over harmful content that allegedly led to suicides    HRT does not impact life expectancy — UK health body    Liam Payne's body to be flown back to the UK    Suspect arrested for banking fraud totaling SR493 million as Nazaha pursues corruption charges    Neymar suffers muscle tear, out for 4-6 weeks    Arab leaders and heads of state congratulate US President-elect Donald Trump    Building the future of the region's leading aviation hub Saudi Airport Exhibition 2024 to be held on Nov. 11-12    Crown Prince, Pakistan Army Chief discuss ways to enhance military cooperation    Crown Prince hails Saudi medical team that performed world's first fully robotic heart transplant    King Salman and Crown Prince congratulate Trump on winning US presidential election    Heavy Equipment and Truck Show to spotlight Tata Motors' cutting-edge mobility solutions    Al Nassr secures 5-1 victory over Al Ain to edge closer to knockout stage    Top climber falls to death after rare Himalayan feat    Al Ahli extends perfect start with 5-1 victory over Al Shorta    Mitrovic's hat-trick leads Al Hilal to 3-0 victory over Esteghlal    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Fed notes show members backed big interest-rate cut ,
Published in Saudi Press Agency on 10 - 10 - 2007

All members of the U.S. Federal Reserve (Fed) policy-setting committee agreed that a half-percentage point interest-rate cut was necessary to shield the economy from an intensifying housing slowdown and credit disruptions, notes of their September 18 meeting released Tuesday showed.
“In order to help forestall some of the adverse effects on the economy that might otherwise arise, all members agreed that a rate cut of 50 basis points [half-percentage point] at this meeting was the most prudent course of action,” the notes said.
Central-bank members thought that sharply lowering the key interest rate could help offset the effect of tighter financial conditions on the U.S. economy. Without such a move, policymakers were afraid that tightening credit conditions and the deepening housing slump that had been triggered by a spike in mortgage foreclosures would lead to “significant weakness” in business activity and hiring.
Also, the damage to financial markets as credit tightened could become worse and hurt economic activity, members of the Fed's interest-rate-setting Federal Open Market Committee (FOMC) thought.
At last month's FOMC meeting, the Fed cut its target for overnight borrowing costs to 4.75 percent, surprising many in financial markets who had been expecting a smaller quarter-percentage point rate cut to 5 percent.
The Fed notes showed that at the time, central-bank policymakers saw a high degree of uncertainty in the economic situation as they considered whether the credit crisis would substantially slow economic growth or not. They believed risks were tilted toward a slowdown in economic activity, but also noted that the economy had previously handled periods of financial disruption with only limited effects.
At the same time, the central bank worried that any further disruptions in financial markets could magnify risks to the economy. The Fed discussed “additional policy options” to address strains in money markets at the September meeting, but no decisions were taken at the time, the notes showed.


Clic here to read the story from its source.