« Updated: Records for Largest Single-Day Snapback Rallies | Main | Me and Hurrican Dean »

Latest Stories

• Reason # 7,732 Why Yahoo Management is Delusional
• First Faux Apple 3G iPhone Teardown
• New York as (Financial) Tech Startup Hub
• Companies Mutate or Die
• Greenspan's Global Tour

August 17, 2007

Mulling the Fed Discount Cut; Damn You Ben Bernanke

While I appreciate the symbolism of the Fed early today cutting its discount rate to the best borrowers -- even if it caused my spot on CNBC's Squawk Box to get bumped .... damn you Ben Bernanke for making we wake early for no reason -- the truth is it isn't particularly practical. According to the most recent data, borrowing at the window has been a reasonable approximation of nada in recent weeks, something like $11-million in the week ended Wednesday.

Markets, of course, will see this as a further step toward an ease, which locks in something the Fed futures had already forecast as a lead-pipe cinch: A September rate cut.


As a related aside, did anyone else notice that while the decision was unanimous, Richard Fisher voted as an alternate for "Wild" Bill Poole? Curious.

Sphere It   |   Digg it   |   Bookmark it   |   Stumble it

Comments