CBS Evening News - 1998-09-30
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Read a transcript preview of “CBS Evening News - 1998-09-30” from malgent, uploaded on 2025-03-14.
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Language: English (original, YouTube automatic captions)
[0:01] Amid the global financial turmoil, the
[0:04] US government turns a budget surplus and
[0:08] the cost of borrowing money goes to
[0:10] bargain prices. New hope for women with
[0:13] breast cancer, detecting its spread
[0:16] without disfiguring surgery. And the
[0:19] legal and medical tangle over a child
[0:22] who died untreated after being stung by
[0:25] a swarm of wasps.
[0:29] This is the CBS Evening
[0:32] News with Dan Rather reporting from CBS
[0:36] News headquarters in New York. Good
[0:38] evening. It's New Year's Eve, fiscal New
[0:41] Year's Eve, and there's important news
[0:43] tonight about the US economy and your
[0:45] money. The White House estimates fiscal
[0:48] 1998 is ending with a US budget surplus
[0:51] of $70 billion. Amid world financial
[0:54] turmoil, the International Monetary Fund
[0:56] now predicts a quote soft landing for
[0:59] the US economy. No recession. And the
[1:02] IMF sees even lower oil prices ahead.
[1:05] Major banks lowered their prime lending
[1:08] rates a quarter point today. But we
[1:10] begin tonight with yet another drop in
[1:12] mortgage rates. CBS's Anthony Mason is
[1:15] here to report on the fire sale on
[1:17] borrowed money. Anthony. Dan. Worries
[1:19] about the weakening economy are driving
[1:21] investors to the safety of bonds and
[1:23] treasury bills. That's driving down
[1:25] interest rates and in turn driving down
[1:27] mortgage rates. Already the lowest in a
[1:30] generation, the 30-year fixed rate
[1:32] dropped another eighth of a point today
[1:35] to
[1:38] 6.39%. The builders can't drive the
[1:41] nails quickly enough. Our houses are
[1:43] selling as fast as we can build them.
[1:45] And contractor Bill Bora says interest
[1:48] rates are driving the boom. The lower