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Strategies & Market Trends : Sharck Soup
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To: Jim Spitz who wrote (36302)10/2/2001 2:21:52 PM
From: Softechie   of 37746
 
Fed Cuts Rates : Perhaps due to the uncertainty facing all forecasts right now, the Fed announcement was much more brief than usual, saying only that "the terrorist attacks have significantly heightened uncertainty in an economy that was already weak. Business and household spending as a consequence are being further damped." The announcement goes on to make typical comments about the favorable long-term outlook and mentions the easing bias. But like everyone else, the Fed doesn't know much about the future. After the quick trade up, indexes head back down: Dow -10, Nasdaq +1.

Fed Cuts Rates : The FOMC cut the funds rate by 50 bp to 2.5%; discount rate also cut 50 bp to 2.0%. FOMC maintains easing bias. First trade is up: Dow: +29, Nasdaq +16.
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