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Economy & Business - March 2008 (ISSN 1741-7430)

Country forecasts

Three months ago, we forecast that the US Federal Reserve Board would not cut US interest rates until March. We were badly wrong, and the Fed has almost halved rates from their December level. On 24 March, six month Libor was 2.6%: on 14 December 2007 six month Libor was 4.84%. We do not expect the US Fed to move rates again unless the financial crisis takes another nasty turn.

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