America's Federal Reserve cut interest rates by another quarter-point, to 3.75 %. Wall Street, which had been【21】for a sixth half-point cut, was disappointed. The Dow fell by 2%【22】the week. The past week's economic statistics gave mixed signals. Exports dropped by 2% in both March and April, largely【23】a decline in high-tech investment【24】the merchandise-trade【25】widened to $ 458 billion in the 12 months【26】April.【27】,the Conference Board's index of consumer confidence was higher than【28】in June. Concerns【29】inflation in the Euro area【30】. Preliminary data【31】that German consumer price inflation fell to 3. 1% in the year to June, from 3.5 % in May wage growth【32】to 1.4% in April, a real pay cut of 1.5%. Some economists fear that Germany is on the【33】of recession. The IFO index of business confidence dropped more【34】than expected in May, and the institute has cut its forecast of GDP【35】this year to only 1.2% ,well below the German government's forecast of 2%. (21)