U.S. Chamber Commends Further Fed Cuts

WASHINGTON, D.C. - The United States Chamber of Commerce commended the Federal Reserve Board's decision to lower the federal funds rate by an additional 25 basis points, to 3.75 percent.

"Today the Fed reaffirmed its commitment to stave off a recession with another cut in interest rates," said Martin A. Regalia, Chamber vice president and chief economist. "With consumer confidence stabilizing and tax rebates scheduled for this year, this rate cut should boost business confidence and propel the economy forward once again.

"As important as the rate cut itself, the Fed's decision to maintain its economic growth bias is a clear expression of its willingness and intent to cut rates further if necessary to get the economy moving," Regalia said.

The U.S. Chamber of Commerce is the world's largest business federation, representing more than three million businesses and organizations of every size, sector and region.

# # #

01-116