The Fed’s cut rates 25bps, and cut the discount rate 25bps. The market wanted much more for the discount rate. As Chuck had pointed out, the indices were at major resistance points and a “sell the news” scenario was not completely unexpected, considering the recent run-up. How we close will tell us more about where we stand and later this evening we’ll have more analysis of charts, as well as the Fed’s decision.
Recent Posts:
- Taxpayers to the Rescue of Afghanistan Banking Crisis?
- Economic Data and Earnings Schedule for September 2 2010
- Christina Romer Makes a Final Recommendation Before Leaving To Teach Keynesian Economics
- Homebuilder Hovnanian (HOV) Reports Dismal Quarter
- Auto Sales Data for August 2010
- Stock Market Rewind – September 1, 2010
More on this topic
(What's this?)
Bernanke: "I Would Like to Know What Those Damn Things Are Worth"
(naked capitalism, 10/15/07)
Is the Fed Happy with the Crappy Economy?
(naked capitalism, 7/9/10)
EL-ERIAN: DON’T DEPEND ON THE FED
(THE PRAGMATIC CAPITALIST, 8/10/10)
