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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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Most stock quote data provided by BATS. Market indices 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.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.