ABC Evening News for Wednesday, Jan 03, 2001
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(Studio: Peter Jennings) Surprise move by the Federal Reserve Board to cut key interest rates noted.
(New York: Betsy Stark) The reaction of the stock market to the rate cut in response to the slowing economy featured; details given of reports on factory production and construction spending. [INVESTOR, investment strategist Art HOGAN, economist Jim GLASSMAN - react to the rate change.]
(Studio: Peter Jennings) Report introduced.
(New York: Bob Jamieson) The impact of the interest rate cuts on banks, business spending and consumers examined. [Economist Bruce STEINBERG - says companies will now be more optimistic; suggests parts of the economy may respond faster than the usual six months.]
(Studio: Peter Jennings) Interview held with market analyst Todd Buchholz about the interest rate change. [BUCHHOLZ - says Federal Reserve Board chairman Alan Greenspan is haunted by the 1990 recession when he raised interest rates under the first President George Bush.]
(Austin: Terry Moran) The reaction of President-elect George W. Bush to the interest rate change featured; scenes shown of Bush with business leaders. [BUSH - says bold action is needed starting with tax reform.] Signal from Representative Richard Gephardt that the Democrats would support a larger tax cut than earlier suggested noted. [GEPHARDT - comments.] [Venture capitalist Floyd KVAMME - comments on the slowdown.]
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