Time for Eddie to follow Alan

The US central bank is cutting interest rates with speed, vigour and decisiveness. The decision by Alan Greenspan and his colleagues to cut US rates earlier this month means they have fallen by 1.5% so far this year. He has also made it clear that he is prepared to reduce rates further if the US economy continues to weaken. I expect him to cut rates by another half percentage point at the next meeting of the Federal Open Markets Committee (FOMC) on 15 May. He may even make an inter-meeting cut. Meanwhile, Alan's counterpart, Eddie (now Sir Edward) George and his Bank of England Monetar...