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Strategies & Market Trends : Sharck Soup
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To: velociraptor_ who wrote (12409)3/20/2001 2:20:20 PM
From: Softechie   of 37746
 
There's my first "intermeeting cut" phrase!

14:17 ET Fed Statement : Despite the disappointment of a 50 bp move, the Fed's accompanying statement is quite supportive and hints that an intermeeting cut is a real possibility. Here's the key excerpt: "The possibility that this excess could continue for some time and the potential for weakness in global economic conditions suggest substantial risks that demand and production could remain soft. In these circumstances, when the economic situation could be evolving rapidly, the Federal Reserve will need to monitor developments closely." That final mention of a need to monitor developments closely is key and indicates a predisposition to act again intermeeting if necessary.

14:14 ET Fed Decision : Fed cuts funds rate by 50 bp to 5.00%; also cuts discount rate 50 bp to 4.50% and retains easing bias. The 50 bp cut is somewhat of a disappointment, though the continued easing bias will keep hope for an intermeeting cut alive and should limit market losses. Stocks falling on the news.
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