Economic Analysts Suggests Rates Cut; ECONOMICS
The OECD yesterday reduced its forecast for US economic growth and recommended a rapid cut in interest rates to limit the fallout from a housing and mortgage market slump that has sparked global financial market turmoil.
In an update to its economic forecasts for major industrial nations, the Paris-based Organisation for Economic Co-operation and Development it was impossible at present to evaluate the potential wider damage from the direct impact of a sharp downturn in US housing and a defaults crisis in the sub-prime mortgage market there.
"Downside risks have become more ominous," the OECD's chief economist, Jean-Philippe Cotis, said.
The OECD was not …
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Publication information: Article title: Economic Analysts Suggests Rates Cut; ECONOMICS. Contributors: Not available. Newspaper title: The Birmingham Post (England). Publication date: September 6, 2007. Page number: 22. © 2009 Birmingham Post & Mail Ltd. COPYRIGHT 2007 Gale Group.
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