Bernanke Cuts on Slump `Potential,' Adopting Greenspan Approach
Sept. 19 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke adopted the approach of his predecessor Alan Greenspan, reducing interest rates to pre-empt an economic slump rather than waiting for one to occur.
The Fed yesterday lowered its benchmark interest rate by half a percentage point, surprising most economists and spurring the biggest rally in U.S. stocks since 2003. Policy makers said they based their decision on the ``potential'' for the sell-off in credit markets to hobble economic growth. BLOOMBERG
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