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Non-Tech : Moguls Mantra to the Markets
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To: $Mogul who wrote (158)9/25/2001 10:55:06 AM
From: $Mogul  Read Replies (1) of 220
 
The Fed Fund futures market continues to price in a strong chance of a 50 basis point rate cut at the FOMC's Oct. 2 meeting. The October Fed Funds contract is at 2.535%, down from 2.54% at Monday's close. Assuming the effective Fed Funds rate is 3.00% through Oct. 2 and 2.50% for the rest of the month results in an average rate of 2.532%, essentially where the contract is right now. There is the risk that the Fed will need to pump additional liquidity into the system virtually any time, which could return to the Fed Funds rate to the sub-1% levels seen last week, and that must be factored into the contract. But Fed operations have returned to normal: the effective Fed Funds rate Monday was 3.31% and the rate has ranged from 3.125% to 3.25% today
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