P. M. BRIEFING : Brady Hedges on Administration Calls for Lower Interest Rates
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WASHINGTON — Treasury Secretary Nicholas F. Brady tried to distance the Bush Administration today from its earlier calls for lower interest rates, saying those remarks were aimed at a home builders’ convention.
Brady’s comments were an indication that the White House may be trying to ease the pressure it has been placing in recent weeks on the Federal Reserve Board to take actions to lower interest rates.
Testifying before the Joint Economic Committee of Congress, Brady said a statement two weeks ago by White House spokesman Marlin Fitzwater urging lower rates “was not meant to be a contest with the Fed.”
Brady said he understood that Fitzwater was aiming his remark at a visit President Bush was scheduled to make the next day to a home builders’ convention. The housing industry has been in a slump for the past year due to high mortgage rates.
“Presidents generally talk about lower interest rates at housing conferences,” Brady said.
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