Okay, the massively expected quarter point Fed cut is on the books, surprise, surprise. Now the big question is, that's it, or more to come? Though the popular Bubblevision interpretation of the Fed's prose is "That's all, fellas, last call, this is the final slurp at the punchbowl, and we really mean it this time," I'm leaning more toward Gross and McCulley, who say we're in store for a long string of quarter point cuts. I was surprised to see the HUI drop like a rock at the announcement (14:16 EDT), but it appears that was just "da Boyz" cleaning out the stops and taking the vacated seats. Hey, like they say, screw 'em if they can't take a joke.
NC ;o)
P.S. - When asked today on CNBC what to invest in, Gross replied, "Non-dollar denominated assets." He sees the Fed rate going down into the threes. |
