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Strategies & Market Trends : Piffer OT - And Other Assorted Nuts
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To: Jorj X Mckie who wrote (61987)12/19/2000 3:45:53 PM
From: Augustus Gloop  Read Replies (1) of 63513
 
Here is my tainted view on todays fed action.

Although I don't think people expected a rate cut I think it would have been a wise move for these reasons:

1) With how bad earnings are and will be for at least 6 months I don't think the fed had to worry about a "bubble" happening in the market.

2) I also don't think that a 1/4 point cut would have caused inflation.

In short I think the risk in the market was greater than the risk of inflation.

In my conspiracy theory type mind I almost wonder if the Fed's action was designed to create capitulation at which point they would then step in before January 31 with a rate cut. In any event I fear that today was not enough to keep a very weak market propped up for 6 weeks (when the fed meets again).
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