Inflation Pressures Are Easing but Rate Cut Forecast Remains Uncertain

The New Year is beginning where the old one ended -- with uncertainty about when – or whether – the Federal Reserve will begin cutting interest rates.

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You’ve probably heard by now that former Federal Reserve Chairman Alan Greenspan was “shocked” to discover that the financial markets, left to regulate themselves, don’t.

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The Department of Housing and Urban Development (HUD) has published details of the new “HOPE for Homeowners” program enacted by Congress several months (and a couple of massive financial industry bail-outs) ago. The program authorizes the Federal Housing Administration (FHA) to refinance up to $300 billion in under-water mortgages held by borrowers at risk of losing their homes through foreclosure.

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Among all the reports of downward trends – in sales of autos, homes, clothing and everything in between – it is possible to find one growth area: Subprime litigation.

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If you needed more proof that the financial problems dominating the news are serious – as if the dizzying stock market declines we’ve been seeing aren’t sufficient to make that point – consider the number of analysts from all corners of the political spectrum who are saying that the $700 billion bail-out plan Congress has approved is just a “first step.” A $700 billion first step?