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.

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