31.   Even as the Fed was raising short-term interest rates Wednesday, the bond markets were cutting rates.

32.   Even before lenders started cutting rates, analysts said banks were slowing down.

33.   Even so, the central bank is hesitating before cutting rates.

34.   Even so, the prospect for a low inflation rate argues for lower long-term yields, especially if the Fed defers cutting overnight rates, say other investors.

35.   Even with all the arguments against cutting rates yet, Levy still predicts the Fed will drive down interest rates next week.

36.   Excessive growth of the German money supply prevented the Bundesbank from cutting rates today, Issing said.

37.   Failure to reach agreement could dissuade the Fed from cutting rates, some investors said.

38.   Failure to reach agreement could further dissuade the Fed from cutting rates, some investors said.

39.   For its part, the Fed signaled that it is prepared to keep cutting rates until a recovery is certain.

40.   For one thing, economic conditions would probably be a lot worse if the Fed had not been so aggressive in cutting rates this year.