Rate cut will do little for economy

Columbus, OH – The recent action by the Federal Reserve to cut benchmark rates by nearly a full percentage point has many observers speculating that another cut will soon take place. But Central Ohio economist Jim Newton wasn't all that impressed with the first one. Newton owns the Delaware-based firm Economic Perspectives and serves as the chief economic advisor for Commerce National Bank. In a conversation with Mike Foley, Newton calls the recent decision by the Federal Reserve a mistake.