Economy: July 27, 2001
In his semiannual monetary-policy report to Congress, Federal Reserve chairman Alan Greenspan maintains that the U.S. economy can avoid a recession, noting that economic weakness, rather than inflation, is the biggest threat to the fiscal health of the country; analysts say the news indicates the Fed will again cut interest rates in August...U.S. consumers spent less on overseas products in May, leading to a trade-deficit decrease of $28.34 billion, according to the Commerce Department, which announced that this marked the trade deficit’s lowest point since the beginning of 2000; imports decreased $2.86 billion to $116.07 billion.
