Stocks quoted in this article:
As mentioned in this morning's "Before the Bell", Philadelphia Fed president Santomero has offered up his views on the state of the economy in a speech this morning presented to the Greater Philadelphia Chamber of Commerce.
He noted that after growing at very rapid rates in 1998 and 1999, the U.S. economy appears to now be in a "growth slowdown."
Santomero also mentioned that over the past decade the U.S. economy has "had a tremendous run," with consistently strong
growth and low inflation. He added that the economy has slowed from the very high rates of the late 1990's that might be described as unsustainable.
Santomero also stated that while inflation has been very well behaved recently, inflation numbers have been moving up. But with the tightness of the job market apparently slackening, these pressures seem to be abating.
Addressing the recent rate cut, Santomero, simply said that, "it was the right thing to do at the right time."