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November 06, 2001 01:00 AM

Fed cuts interest rates by one-half percent

Tire Business Staff
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    WASHINGTON (Nov. 6, 2001)—The Federal Reserve today cut U.S. interest rates by a half-percentage point, marking the 10th such reduction this year and the third undertaken since the Sept. 11 terrorist attacks. The Fed also signaled its readiness to act further in order to shore up the nation´s economy, which some economists believe is in recession.

    The move brought the federal funds rate for overnight bank loans down to 2 percent—the lowest level since 1961.

    In a statement accompanying its decision, the Fed said ``heightened uncertainty and concerns about a deterioration in business conditions, both here and abroad, are damping economic activity.

    ``Although the necessary reallocation of resources to enhance security may restrain advances in productivity for a time, the long-term prospects for productivity growth and the economy remain favorable and should become evident once the unusual forces restraining demand abate,” the Fed said.

    The stock market generally reacted favorably with the Dow Jones industrial averages closing the day up 1.58 percent higher, the Nasdaq 2.31 percent and the S&P 500 up 1.44 percent.

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