Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

Open houses next week for St. Louis comprehensive plan work: The public will have the chance to weigh in on St. Louis' efforts to craft a new comprehensive plan and economic development strategy next week.

One of the goals of the plan is to create one guiding development philosophy and to identify nodes of concentrated strength or future opportunity from which the city can build.

The first open house will be from 4 to 7 p.m. on Tuesday at Vashon High School, 3035 Cass Avenue. The second will be from 4 to 7 p.m. on Wednesday at Sheet Metal Workers Union No. 36 on 2319 Chouteau Avenue.

The city last year tapped Boston-based Mass Economics to craft the strategy, called for in a 2016 report on the city's use of development incentives. The October contract is for up to $700,000 and the work could stretch into next year. Critics sometimes quip the city has 28 economic development strategies -- one for each alderman.

US rate cut will 'ratify' what people already expect, Fed's Bullard says: An interest rate cut may be necessary at this point, but that does not mean the Federal Reserve is on a path to dramatically lower rates, St. Louis Fed President James Bullard said on Friday.

Bullard, who argued unsuccessfully for an immediate cut at the Fed's last meeting, told reporters it would be "very difficult" at this stage to not deliver.

Cutting rates could reset people's expectations for inflation and reset relative U.S. government bond prices, or the "yield curve," to a level more conducive to growth. But it may take time to see, said Bullard, who has endorsed a 25 basis point rate cut at the July 30-31 meeting.

"Signals were that we were highly likely to ease at the July meeting -- so now that's all been priced into the market -- so if you try to take that out I think it would be very difficult at this stage," Bullard said on the sidelines of a conference at Columbia University. "So you might as well follow through and ratify that and then see how the economy develops going forward. …

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