Shanghai Daily: Business - shanghaidaily.com
WALL Street pulled back yesterday as investors, uneasy about a drop in consumer confidence, traded cautiously ahead of the Federal Reserve's impending decision on interest rates. After the Fed's half-point reduction in September, most investors expect the central bank to deliver a quarter-point cut at the conclusion of its two-day meeting today. But inflation remains a threat. Crude oil prices fell yesterday, but only after hitting a record a day earlier, and meanwhile, the dollar has been tumbling. So a rate cut, much less additional decreases in the coming months, is not a given. Some on Wall Street fear economic growth could halt if rates aren't lowered, given the troubles in housing and credit. The statement the Fed issues alongside its rate decision will be closely read for clues about future moves. "We don't think the economy's about to slip into recession. The corporate portion of the economy is still in pretty good shape," said Phil Orlando, chief equity