Mellon argued that lower rates would spur economic growth.

When a country cuts rates to spur lending and growth, its currency can suffer because the country's assets and investments are less desirable.

Normally, to avoid recession, the Fed would lower rates to spur the economy.

These rates, Mr. Bird said, have spurred construction because "investors figure they can get a higher return on their investment."

Ireland, for example, is still growing; lower rates could spur inflation there.

Early last year, many economists urged the Fed to cut rates to spur the economy.

Traders hoped that lower rates would spur economic recovery and help corporate profits.

While lower rates would spur economic growth, they could also aggravate inflationary pressures.

These attractive rates spurred new issues to pay off existing bonds that carried the double-digit interest rates of 10 years ago.

The recent rapid decline in interest rates should provide some offset to the drag from Asia, as lower rates spur the housing industry.