On Sept. 11, we fell through.
Consumer spending accounts for two-thirds of all economic activity.
While O'Neill has been criticized in recent months for excessive optimism about the economy, some experts felt his remarks yesterday were well-placed. He's always on the optimistic side of forecasters, but that's his job, to bolster confidence. Now, economists believe the Fed is even more likely to cut rates by another half-point when it next holds a policy setting meeting Oct. 2 and by a quarter of a point in November, bringing interest rates to 2.25 percent, the lowest since 1958. Wall Street reacted to the wide ranging signs of plunging consumer confidence and a recessionary economy yesterday, turning two days of gains into losses. The Dow fell 92.58 to 8,567.39, while the Nasdaq trimmed 37.60 to close at 1,464.04.