Two Officials Say We’re in a Recession:...

Two Officials Say We’re in a Recession: The chairman of the American Stock Exchange, James Jones, and the chairman of the congressional Joint Economic Committee, Rep. Lee Hamilton, D-Ind., said they expect the Federal Reserve to cut interest rates further to help alleviate the recession. Unemployment also could rise to 7%, the two said on CBS-TV’s “Face the Nation.” The Fed has already cut the discount rate, the amount it charges banks to borrow money, by half a percentage point, to 6.5%. Jones said the end of the recession depends in large part on when the Gulf crisis is resolved. He said it may be the third or fourth quarter of 1991.