Volcker pins US recovery to drop in interest rates

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Federal Reserve Board chairman Paul Volcker said long-term economic recovery could be choked if interest rates did not drop. Although the rates were too high to sustain a recovery, he added that he did not believe they were interfering with economic recovery in the short run. Speaking to the House Banking Committee, he urged that his statements not be interpreted as a clarion call to the financial industry to bring rates down.

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