Therefore, more fundamental issue for the prospect of the US economy is when the IT sector adjustment will end and how rapidly the subsequent recovery will proceed. Let me turn the clock back for a moment and review how the prospect for the US economy has changed since the end of the last year.
As you may recall, at the time of the FOMC meeting in November last year, risks were weighted towards inflation rather than economic weakness. It was  BIS Review 87/2001  1  early January that the FED started to lower the federal funds rate.