Jay Hancock's blog: Harvard economist sees secret rate cut - Business news: Stock markets, banks and economic observations with columnist Jay Hancock

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September 14, 2007

Harvard economist sees secret rate cut

Harvard's Greg Mankiw, once chairman of President Bush's Council of Economic Advisers, notes that the Fed funds rate -- the Federal Reserve's most important interest rate -- was well below its stated target last month. The conclusion: the Fed has already cut interest rates; it just hasn't admitted it. I blogged about this two weeks ago.

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About Jay Hancock

Jay Hancock has been a financial columnist for The Baltimore Sun since 2001. He has also been The Baltimore Sun's diplomatic correspondent in Washington and its chief economics writer. Before moving to Baltimore in 1994 he worked for The Virginian-Pilot of Norfolk and The Daily Press of Newport News.

His columns appear Tuesdays and Sundays.

Follow @jayhancock1 on Twitter