US hangs on for rate cut

In prepared comments to the House Financial Services Committee on Wednesday, Mr Greenspan said the economy remained "on a path inconsistent with satisfactory economic performance" despite two interest rate cuts in January. Analysts viewed his remarks as signalling that further interest rate cuts were on the way, although no details on the timing of any such move were given. They said an emergency, unscheduled rate cut - expectations of which had driven stock markets higher in recent days - now looked unlikely in the near future. The BBC's North America Business Correspondent Patrick O'Connell reports: