In my view, these topics are inextricably linked and in light of continuing questions of confidence in America’s corporations, they are quite timely. Financial condition of U.S. banks Last year was exceptional in many respects, with the United States slipping into a recession, the September terrorist attacks, the stock market declines, and all of the related events.
In response, the Federal Reserve reduced interest rates at every meeting of the Federal Open Market Committee in 2001 and an additional three times between meetings, for a total of eleven rate cuts accumulating to 475 basis points.