Fed Vice-Chairman Richard Clarida has pointed to 1995 and 1998 as two instances where the central bank reduced rates as insurance against a weakening of the economy, even though it didn't see a recession lurking.In 1998, the central bank cut rates three times in rapid-fire succession to short-circuit a financial crisis brought on by the Russian debt default and the near collapse of hedge fund Long Term Capital Management. There's no such triggering event today.
US and global growth was also slowing a quarter of a century ago, if anything more markedly than now. Mr Clinton refrained from openly commenting on Fed policy after his economic team told him that public pressure on the independent central bank could prove counter-productive. If that came about - and many economists are skeptical it will - it would be akin to the late 1990s surge in growth that stemmed from the proliferation of the Internet.
Source: News Formal (newsformal.com)
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