The Fed’s vice chairman, Donald L. Kohn, further reassured investors yesterday by pledging to follow “flexible and pragmatic policy making” as the bank decides how to cope with the financial upheaval. The unusually candid remarks were taken as a sign that the Fed policy panel was considering a rate cut at its Dec. 11 meeting.
Wednesday, November 28, 2007
Just Use Dollars to Staunch the Bleeding
Pricing in another rate cut? Are you serious? I remember hearing on CNN that investors were setting their hearts on another rate cut but I assumed it must be wishful thinking. Looks like it's the season of wishful thinking and naivete. From the NY Times:
Capping a series of wild swings, the Dow Jones industrial average soared to its biggest one-day percentage gain in more than four years yesterday after a top Federal Reserve official hinted at another interest rate cut and oil fell below $91 a barrel.
The Fed’s vice chairman, Donald L. Kohn, further reassured investors yesterday by pledging to follow “flexible and pragmatic policy making” as the bank decides how to cope with the financial upheaval. The unusually candid remarks were taken as a sign that the Fed policy panel was considering a rate cut at its Dec. 11 meeting.
The Fed’s vice chairman, Donald L. Kohn, further reassured investors yesterday by pledging to follow “flexible and pragmatic policy making” as the bank decides how to cope with the financial upheaval. The unusually candid remarks were taken as a sign that the Fed policy panel was considering a rate cut at its Dec. 11 meeting.
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