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Strategies & Market Trends : Currencies and the Global Capital Markets
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To: Robert Douglas who wrote (2809)1/3/2001 2:37:20 PM
From: Paul Berliner  Read Replies (2) of 3536
 
Totally unnecessary. There's no liquidity panic ala fall of '98. Also, with recent commodity inflation a possible issue, I don't see how they can ease as aggressively as they did in late 1998. This isn't the same environment. There is no failing LTCM, no rumors of BT or Lehman going under, bids are decent on CMBS and there is no foreign financial crisis. This 50bp cut couldn't wait until the end of Jan meeting? What a mess. I just lost alot of respect for the Fed. All this does is say 'don't panic - we are in control', but its a joke this time. The economy is finished and the banks are next to go.

For the last few months, the money markets have been saying that the Fed is at least 150bps behind the curve. That doesnt mean that this couldnt wait until month's end. What a joke. This is a selling opportunity. The Fed is turning into the BoJ.
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