This is getting a little ridiculous. Apparently the Fed was not happy with the market reaction to its overture yesterday and so it has come back with a little more this morning. The Fed has announced a new Term Auction…
The whining on Wall Street about the Fed decision is hurting my ears: “There are major divisions in the outlook at the Fed and the simplest thing to do was punt.” – Joel Naroff, Chief Economist, Naroff Economic Advisors “It’s…
As I turned on CNBC before the market open this morning and continued to read and watch what people were saying, I began to realize that there was a lot more expectation for a 50 basis point cut than I…
“A quarter point cut in the fed funds rate may not be enough for the markets.” – Bob Pisani, CNBC’s floor reporter at the NYSE, in a blog post “Fed: 25 Points Might Not ‘Cut It’ With Markets” When the Fed issues its highly…
“Now the bets are turning to that they will cut 50 basis points, instead of 25 basis points. If we get really bad economic figures, it might not be a bad bet.” – Steve Van Order (subscription required), Fixed Income Strategist, Calvert…
“Economic forecasting is always difficult, but the current stresses in financial markets make the uncertainty surrounding the outlook even greater than usual. We at the Federal Reserve will have to remain exceptionally alert and flexible as we continue to assess…
“Now the market smells a move by the Fed in two weeks.” – Jim Swanson, Chief Investment Strategist, MFS Investment Management. Quoted in “Fed’s Hints of a Rate Cut Cheer Markets” (subscription required). Today was actually a pretty positive day…
“It’s more of a technical correction of oversold conditions. There’s no fundamental reason that today should [bring a] rally.” – Tom Higgins (subscription required), Chief Economist, Payden & Rygel In a speech this morning, Fed Governor Donald Kohn said the Fed…
Financials are leading markets down today (XLF: -3.47%) on a downgrade of Citigroup (C: -6.43%) and a consideration that the Fed might really mean what it says and not cut rates again on Dec. 11. The Fed talked a tough…
The market’s first move in response to the Fed Decision was down, but it’s second move was up – big (Intraday Chart).