22 January 2008

I love the smell of rate cuts in the morning...

...it smells like panic. The US Federal Reserve Bank has cut the basis interest rate, on an emergency basis between regular meetings, not by 0.25%, not by 0.50% but by 0.75%. The market doesn't seem interested though as stocks take a dive (three twists in the tuck position - degree of difficulty 4.2).

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