BILL HEMMER, CNN ANCHOR: In an attempt to steer U.S. economy away from a recession, the Fed cut key interest rates again today. The panel trimmed short-term rates by a quarter of a percentage point to 3.5 percent, the lowest level since March of 1994. This is the seventh interest rate cut since January, and for more on today's move and the odds that this will be enough to boost the economy, we turn to CNN's Lou Dobbs, of CNN's "LOU DOBBS' MONEYLINE" up in New York. And Lou, the Fed has been doing nothing but cutting this year. Any evidence just yet to suggest the cuts are working?</s>LOU DOBBS, CNN ANCHOR: Not at all. We are looking at a market that is continuing to decline. The Dow least of all, with a 3 percent decline, about 18 percent in terms of the Nasdaq, Bill. The argument, of course, is what would have happened if the Fed had not now made seven interest rates cut since January 3. And it normally takes some time, six to nine months at the very earliest, to see the impact of monetary policy, so we have to be somewhat patient in these very difficult times for that monetary policy to work.</s>HEMMER: Outside of the stock market, in the broad perspective of U.S. economy, are there any other indications that might be leading people to think, hey, you know, there might be a silver lining possibly here or there?</s>DOBBS: Silver linings -- of course, that's what makes markets, some people focusing on silver linings, others the clouds, as you know, Bill, but we are looking at an economy that is without any question weakening. We require the consumer to stand strong and tall here and to maintain his and her role in this economy, accounting for two-thirds of the activity in this economy, and unfortunately, we are seeing some troubling signs that the consumer may be backing up a bit here.
Fed Cuts Interest Rates for the Seventh Time This Year