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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: Paul Berliner who wrote (2810)	1/3/2001 4:15:18 PM
From: Sam	Read Replies (2) of 3536

I disagree, Paul. The market had taken 10 year rates below 5%. Mr. Market was way ahead of the Fed, and it was time--past time, I think--to play catch up (as the Fed has almost always done over the past decade or so). I think, too, there may have been a little political message in this cut--"we can and will prevent a recession," the Fed is telling the Bush/Cheney team and, even more importantly, Congressional moderates, since the BC team is going to push for their cuts no matter what to repay their nearly half trillion debt to their supporters, "we don't need exhorbitant tax cuts that will send us back into deficits." At least that is my take on this. If the NAPM numbers hadn't been so bad, they probably would have waited until Friday unemployment numbers or perhaps next week, but some sort of cut was overdue. IMHO.

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