| 1. | That means the rate cutting done last winter is just now being felt.
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| 2. | Much of that spending is connected to the Federal Reserve's aggressive interest-rate cutting.
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| 3. | "Expect aggressive interest-rate cutting to continue, " said James McKay, an economist at PainWebber International.
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| 4. | "Europe is still entrenched in an interest rate cutting mode, " said Bear Stearns in a note to investors.
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| 5. | Still, analysts warned that earnings growth could be hurt by unfavorable currency-exchange rates cutting the value of overseas sales.
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| 6. | The Pacific rate cutting has caused the three Asian carriers to move into the Atlantic and Mediterranean, he said.
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| 7. | A report yesterday showing building approvals unexpectedly fell in July fanned speculation that the rate cutting cycle may not be over.
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| 8. | On Thursday, England lowered interest rates, following a similar interest-rate cutting move made earlier last week by Spain, Portugal and Sweden.
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| 9. | But that weakness was offset by a recent rise in stock prices and the Federal Reserve's interest rate cutting campaign, Goldstein said.
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| 10. | The Federal Reserve is close to wrapping up its most aggressive interest rate cutting exercise since the early 1980s, many economists believe.
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