Word: suneel
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...first time in nearly three years, theFederal Reserve cut interest rates by one-fourth of a point today, in hope that easing borrowing costs might prevent the U.S. from slipping into recession. "They did the bare minimum they could to tell the markets they were concerned," saysTIME's Suneel Ratan. It seems to be working: while at least two major banks reduced their consumer loan rates to 8.75 percent, the Dow Jones Industrial Average surged more than 48 points to close at another record 4,664. But Ratan notes that the markets were counting on the move: "Ordinarily, the impact...
Former Deputy Attorney General Webster Hubbell, a confidant of President Clinton and the highest-ranking casualty of the Whitewater investigation so far, was sentenced to 21 months in prison for bilking clientsat the law firm where he and Hillary Rodham Clintonwere partners.TIME's Suneel Ratannotes that Hubbell had asked for a reduced sentence of 16 months, in part because of past charitable contributions and his cooperation with Whitewater prosecutors. (Many of the donations, by the way, reportedly came from stolen money.) The judge drew his response today from the Gospel of Luke: "For unto whomsoever much is given...
...Reported by Bernard Baumohl/New York, William McWhirter/Detroit, Suneel Ratan and Karen Tumulty/Washington
...slower than last year. On the upside, the survey found only mild inflationary pressures. Greenspan's comments have convinced many Fed-watchers that he won't push to cut interest rates when the Fed convenes next month, as many stock and bond investors hope he will. ButTIME's Suneel Ratansays the current economic signals are now so confusing that even Fed members are waiting for the fog to lift. Even if they do not cut rates at the July meeting, Ratan reports, the governors may cut them at any time as more troubling economic news develops...
...market bazaar that would -- asbill author Sen. Larry Pressler(R-S.D.) predicted today -- "result inlower telephone rates, lower cable rates and more servicesto the American public." But a leading opponent, Sen. Bob Kerrey (D-Neb.), warned that such swift and massive deregulation would only strengthen telecommunications giants.TIME's Suneel Ratansays the bill constitutes a grand, laissez-faire experiment with a $700 billion industry. The result may be more choice and cheaper service, but of a different sort, says Ratan -- "like when shopping malls replace downtown stores: you have more choice, but it's the same choice in Dubuque...