From The New York Times:
Stocks soared on Wall Street today after a top Federal Reserve official appeared to open the door for additional interest rate cuts, pledging to follow “flexible and pragmatic policy making” as the central bank decides how to cope with the current financial upheaval.
The unusually candid remarks by the Fed’s vice chairman, Donald L. Kohn, were taken as a sign that the Fed would give serious consideration to a rate cut at its Dec. 11 meeting. The Dow Jones industrial average jumped more than 330 points.
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