| 11. | I think the Bundesbank will cut rates again in the first half.
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| 12. | It cut rates on Jan . 1 by 71 cents a month.
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| 13. | Spain cut rates from 3 . 75 to 3 . 5 percent.
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| 14. | The Bank of Canada has cut rates 13 times since May 1995.
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| 15. | The Bundesbank has cut rates intermittently since 1992 to fight economic weakness.
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| 16. | As events turned out, the bank cut rates more than expected.
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| 17. | It also jumped against the Italian lira after Italy cut rates.
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| 18. | It fell 10 basis points yesterday when the Fed cut rates.
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| 19. | Even so, I think the chancellor will cut rates next year.
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| 20. | The last time the Fed cut rates was in July 1992.
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