Today's extraordinarily low real borrowing costs just might spare the U.S. economy from another energy-related slump.

The U.S. economy is slumping.

The U.S. economy is slumping,

No quick recovery. It's going to be a struggle for the U.S. economy to get back up to its trend rate of growth.

This could mark a turning point. After all, the Fed was right, the latest slowdown was temporary and the economy is about to gain speed going into the second half of 2005, which would imply that more rate hikes lie ahead.

This could mark a turning point, ... After all, the Fed was right, the latest slowdown was temporary and the economy is about to gain speed going into the second half of 2005, which would imply that more rate hikes lie ahead.