Stock markets in New York are selling off sharply on the expected news that the Federal Reserve Open Market Committee, meeting in Washington today, have decided to cut the fed funds target rate by 25 basis points, to 4.25%. Bond markets. as expected, reacted positively, with the 10-year US Treasury note yield down to 4.06% as I write this. Expectations for a 50-basis point cut in rates have been reduced in recent days, among my contacts at any rate, as the economy has showed surprising resilience to the credit and housing crises. Maybe the stock market was hoping for a full 50. Maybe they're just selling on the news.
Jump To » Mobile / Confirm Them / Right Shelf / Sports / State Blogs / About / Contact / Help / Posting Rules / Conservative Book Club / Human Events
