Fed's interest-rate cuts take between six and nine months to make their
way through the economy.
Its first rate cut was on Jan. 3, so that reduction wouldn't show up in
economic activity until July at the earliest.
Our forecast for 1Qtr 2001 was 1.2 and 2Qtr 2001 forecast of 0.45 was also
good.
Our first forecasts for the next year follows: