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News > Economy
The Greenspan approach
August 21, 2001: 9:02 a.m. ET

Fed watchers play the guessing game on a probable seventh rate cut
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NEW YORK (CNNfn) - All eyes were focused on Federal Reserve Chairman Alan Greenspan's leather briefcase clutched tightly to his side Tuesday morning as he strolled into the building where the Federal Open Market Committee is widely expected to announce a seventh interest rate cut this year later today.

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According to some Wall Street wags who use the "briefcase barometer" to gauge the depth of a cut ahead of time, a thick briefcase means the Fed will cut rates, because the chairman has to bring a lot of homework to the meeting. Conversely, a thin one signals no Fed action.

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Unlike the usual debates that have preceded earlier rate cuts, Fed watchers appear to be more certain this time around that the Fed will announce at least a 25 basis point cut. graphic





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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.