Inflation Pressures Are Easing but Rate Cut Forecast Remains Uncertain

The New Year is beginning where the old one ended -- with uncertainty about when – or whether – the Federal Reserve will begin cutting interest rates.

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Negotiations to resolve the robo-signing mess have hit another stumbling block – the latest in a series of them – further complicating efforts to forge an agreement mortgage lenders and the state attorneys general investigating them can accept and prompting several trade publications to ask in recent headlines: “Are the…mortgage settlement talks falling apart?”

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While public attention has been riveted on the debt ceiling drama and its aftermath, the economy has been slipping quietly backward toward recession’s edge.

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Economists are beginning to talk about America’s “lost decade.” The poverty rate has reached its highest level in 52 years and median household incomes for middle-class wage earners have fallen to their lowest point since 1997, according to statistics compiled by the Census Bureau.

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Add to the collateral damage caused by the recession and the implosion of the housing market a devastating blow to the economic progress Blacks and Hispanics had made during the past two decades.