Economic growth finally slowing

Federal Reserve Board Chairman Alan Greenspan is the world's leading central banker. This is not only because he is the head of the central bank in the world's leading economy, but also because he has established a considerable reputation over many years, built on his skill and daring in setting monetary policy. His decision to cut 0.5% off US interest rates in the first week of the year certainly took the world by surprise. Mounting evidence that growth in US economic activity is slowing sharply is being reflected elsewhere around the world. With the oil price now at more than $12 a barre...