Home / Markets / Industries / Finance
Wednesday, October 01, 2008
Fed's Plosser Opens Door a Crack To Backing Rate Cut
Rex Nutting
MarketWatch Pulse
WASHINGTON -- A Federal Reserve official who twice voted against interest-rate cuts earlier this year said he'd be open to supporting further decreases in the Fed's federal funds rate target if required. In an exclusive interview with Market News International, Philadelphia Fed President Charles Plosser said he believes the economy is "more resilient" than many believe in the face of the worst post-war financial crisis, adding that people need to "take a step back and take a deep breath." But he did indicate that if credit conditions worsen to the point that the economy is imperiled, he'd vote to cut rates.
Copyright © 2008 MarketWatch, Inc.
FOX Translator
No data currently available.
No data currently available.
A specialist is a member of a stock exchange who works as an auctioneer for a specific stock and/or stocks. It can be an individual, partnership, corporation or group of firms.
The specialist works to maintain a "fair and orderly market" for respective stocks, matching up buyers and sellers by displaying the best "bid" and "ask" prices at its trading post. If buys are not equal to sells, the specialist evens the scale by buying or selling shares, accordingly. However, they cannot make their own transactions until all investor orders have been placed.
Gauging supply and demand, the specialist sets an opening price for the stocks in its domain. If a price has not been set by the time the market opens, the specialist can delay that particular stock's opening.
Specialists make money off the "spread," which is the difference between bid and ask prices on orders.
