At that time, the prime rate dropped to 9.75 percent from 10.50 percent to fight off a possible recession.
Economists consider it a warning of a possible recession ahead when the index falls for three months in a row.
At worst, there is even the specter of a possible recession next year.
I view it as part of a shift toward sharply slower growth and a possible recession.
But officials let it be known that the central bank still considered higher inflation a greater threat to the economy than a possible recession.
Congress and the White House have been calling for looser credit to head off a possible recession.
Such a move has historically indicated a possible recession, but most analysts said the evidence of a downturn was not yet persuasive.
I would suggest the United States avoided the last two possible recessions, in '95 and '97, because of technology.
Wall Street strategists have gone from predicting a possible recession to arguing about how fast the economy is growing.
Suddenly - really just in the last few weeks - people have starting talking seriously about a possible recession.