Two Officials Say We’re in a Recession:...
Two Officials Say We’re in a Recession: The chairman of the American Stock Exchange, James Jones, and the chairman of the congressional Joint Economic Committee, Rep. Lee Hamilton, D-Ind., said they expect the Federal Reserve to cut interest rates further to help alleviate the recession. Unemployment also could rise to 7%, the two said on CBS-TV’s “Face the Nation.†The Fed has already cut the discount rate, the amount it charges banks to borrow money, by half a percentage point, to 6.5%. Jones said the end of the recession depends in large part on when the Gulf crisis is resolved. He said it may be the third or fourth quarter of 1991.
Get the L.A. Times Politics newsletter
Deeply reported insights into legislation, politics and policy from Sacramento, Washington and beyond. In your inbox three times per week.
You may occasionally receive promotional content from the Los Angeles Times.
