The market is screaming higher on the Fed emergency plan with four other major central banks to inject more liquidity into global markets.
It smacks of panic, and suggests the Fed is very worried.
Yesterday’s witticism, Top 10 Things You May Not Have Known About the FOMC, may need some additional editing.
“Hey, Wall Street: We’re not your Bitch anymore.”
Should be changed to:
1. Please forgive us! We crave your approval!
Shorter Fed Statement:
Cut 1/4 point federal funds rate
Cut 1/4 point discount rate
Growth slowing, inflation risks remain
Mr. Market no-likey the no-happy talk . . . Dow off
175 275 as I type this
Complete Fed statement after the jump . . .