Fed Lowers rates.
**********Information in this letter is from sources considered reliable.
Accuracy/completeness not guaranteed nor is the content to be deemed an
offer/solicitation for a sale/purchase of
securities.
MARKET UPDATE
FED LOWERS TARGET RATE 25 BASIS POINTS.
The Fed lowered the overnight interbank lending rate by 25 basis points as
expected to 3.50%. At the same time, they also lowered the Discount rate by
25 basis points to 3.00%.
In the text accompanying the announcement, the Fed "sees further weakness
as greater risk to economy," perhaps signaling further rate cuts ahead.
On the release, bonds have put on a modest rally while stocks gave up most
of the gains they had at the time of the announcement.
The long bond, down 3/32s at the announcement, is now up 2/32s at 5.448%.
The ten year, down 3/32s, is now unchanged at 4.90%. The two year was down
1/32, now is unchanged at 3.714%.
The Dow, u 44 at the announcement, is now down 4 at 10315. The Nasdaq, up
10, is now down 4 at 1877. The S&P 500, up 7, is now up 2 at 1173.
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Noticed many blocks of INSP trading today in the 5k range.
The frequency of some of the 5K orders may signal a larger accumulation (or liquidation) Felt very good about the movement off of the 1.50's trading range.
As planned, marketing of wireless services are becoming more and more visible. (AT&T, Verizon). Back to school/college push should be starting to heat up...
Deadline past for Class action certification hearing...waiting...With so many 'advertisements' for lead plaintiffs, I have to think that the plaintiff firms feel there is some kind of settlement value in this case. Don't know what number of firms joining in is typical, but INSP sure has their share. |
