ECONOMY
From Times Staff and Wire Reports
New Interest-Rate Cut Not Ruled Out: Federal Reserve Chairman Alan Greenspan said the Fed stands ready to lower interest rates further if economic weakness persists. But Greenspan said the central bank believes that its aggressive one-point cut in the discount rate in December, from 4.5% to a 27-year low of 3.5%, should be enough to spark a recovery. In a speech to the Independent Bankers Assn. of America in San Antonio, he struck a pessimistic note over job losses and weak consumer confidence.
