(Dow Jones) Abby Joseph Cohen has penned a poem to capture what
happened when the Federal Reserve reduced interest rates by just 50 basis
points and stocks plunged. The Goldman Sachs chief investment strategist, in a
note to clients, offers "Alan At The Bat," her version of the classic baseball
poem in which the game's power hitter whiffs. Cohen starts her missive: "The
outlook wasn't brilliant for the FOMC that day; The economy was weaker with
less energy to play." The poem ends, "Oh, almost everywhere in this favored
land the sun is shining bright, Stores are humming most everywhere, and workers
hearts are light, And families are spending, and everywhere children shout, But
there is no joy on Wall Street - as if mighty Alan had struck out." But, the
perennial bull adds, "He didn't." (KJT) |
