| What Now?
The savings rate in the U.K. has declined from 13% in 1990, to 3% recently, as a result of the consumption boom. The Bank of England has tightened monetary policy in recent years, but has cut interest rates only once so far. The base rate was cut by 25 basis points [a fourth of a percentage point] in December, and three-month Libor [London interbank offered rate] stands at 5.75%. The CPI [consumer-price index] is 2.1%. The vast evidence of indicators, be they coincident or leading for the U.K. economy, shows the economy has started to weaken. The home market is probably lagging the U.S. home market by about six to nine months. The Bank of England overdid it in tightening, and now is way behind the curve in cutting rates. How much more will they have to cut? Zulauf: At least two percentage points, if not more.
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STOCKS: Wall Street closed lower Wednesday, sacrificing the advance it made after the Federal Reserve cut interest rates half a percentage point. Investors collected profits after nearly three sessions of big gains, unwilling to leave money on the table amid ongoing economic uncertainty. The Federal Reserve lowered the fed funds rate, or the interest banks pay one another for overnight loans, to 3 pct, the lowest level since spring 2005. It also lowered the discount rate, or the interest the Fed charges on loans to banks, by a half-point to 3.50 pct. FOREX: The dollar slid lower Wednesday after the Federal Reserve made an expected half-point cut in the federal funds rate and signalled that more moves lower could be forthcoming. BONDS: Treasurys reversed losses in after-hours trading Wednesday as the stock market gave back a big advance prompted by the Federal Reserve's widely expected interest rate cut.
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Radio & TV Talk
This is about as likely to happen today as Neal Boortz not telling you how many airplanes he owns." Baron joined the Morning X around 1993. He had been working in Chicago. "I was looking to leave Chicago," he said. "I was working for a guy who was temperamental and irrational and a raging jerk. I couldn't wait til I came here so I didn't have to deal with that type of personality." [This got a big laugh because it's well known Baron and Steve Barnes, who was not in attendance, didn't get along. Oh, wait. Barnes—he wasn't making even the remotest allusion to you. At least that's what Baron will say.] Baron noted that normally it would be awful to have the boss on the morning show. ("It's counterproductive — like going to a strip club with your wife.") But with Fram, he said, that wasn't a problem at all.
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