No recession looming, Niederauer says

Jan 23, 2008 @ 10:33 am

By Aaron Siegel

NYSE Euronext Inc.’s chief executive sees no evidence that the U.S. economy is moving into a recession and expressed surprise at the magnitude of the Federal Reserve's rate cut, according to published reports.

"I don't see any evidence that implies we're headed into a recession," Duncan Niederauer told a business group in Vienna, Va. yesterday, according to the report.

Yesterday's decision by the Federal Reserve to cut the federal funds rate by 0.75% to 3.5% "seems like an awful lot," adding that the rate cut "seems reasonably reactive to me, but I'm going to assume they know what they're doing."

While he had expected a 0.50% rate cut, Mr. Niederauer said that the Federal Reserve's priorities seemed to be right in moving aggressively after a two-day global-stock rout, according to the report.

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