“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 must be “nimble” in these times of uncertainty for the financial markets and the economy. “Nimble” means maybe there will be a rate cut. And Wall Street likes rate cuts. A lot. Oh yeah – (S&P 2 Day Chart).