An economic round table finds anything but a consensus after last week's interest-rate cut.
On past experience, interest-rate cuts take at least 6-12 months to affect demand.
Investors also seem to think that another interest-rate cut is in the offing.
But they will have to wait 7 to 10 years beyond 1992 for their money, and they are taking an interest-rate cut.
Federal Reserve policy makers did little to encourage investors looking for an interest-rate cut.
Analysts said consumers would enjoy no immediate benefits of today's interest-rate cut.
Meanwhile, the value of the dollar, which would be hurt by an interest-rate cut, rose.
But this is difficult when the Government has not moved to support the economy with a large interest-rate cut or a spending program.
In the meantime, the effects of interest-rate cuts seem certain to be much more complex than the theory behind them.
Markets took this as a signal that interest-rate cuts were not imminent.