LendingTree Fed Rate Forecast: Chief Economist Predicts Third Interest Rate Cut this Year
U.S. Newswire, December, 2007
To: BUSINESS EDITORS
Contact: Allison Vail of LendingTree, LLC, 1-704-943-8339, allison.vail@lendingtree.com
CHARLOTTE, N.C., Dec. 7 /PRNewswire/ -- The next Federal Open Market Committee (FOMC) meeting will take place on Tuesday, December 11. LendingTree Loans Chief Economist Jim Svinth forecasts a rate decrease of 50 basis points, which is the third interest rate cut for 2007.
Svinth states, "Given the slow motion decline of the housing and financial markets, the Fed will in all likelihood drop the target Fed Funds rate by .50% at the December 11 meeting."
Svinth adds, "The ramifications to the domestic and global economies if the FOMC were to do nothing at next week's meeting are huge. In the same vain, lowering rates by only .25% is simply not enough....
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