The Federal Reserve is getting some unwanted help in its drive to slow the U.S. economy and defeat the worst bout of inflation in four decades: A cutback in bank lending.
and that future rate decisions would be made on a meeting-to-meeting basis.
Indeed, if Europe were to experience a credit crunch, analysts say, last week's ECB rate hike might be its last for a while. And when loans are more expensive and harder to qualify for, consumers, who drive most of the U.S. economy's growth, are less likely to spend. Edward Yardeni, an independent economist, said he would estimate that the impact would be even larger — the equivalent of a full percentage point hike by the Fed.
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