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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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From: ldo79	7/31/2007 2:50:44 PM
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Nope - changed his mind! Fed won't ride to rescue of upset markets: Poole By Rex Nutting Last Update: 1:30 PM ET Jul 31, 2007 WASHINGTON (MarketWatch) - Financial markets understand that the Federal Reserve will not respond quickly to a typical financial market upset such as last week's sharp stock sell off, said St. Louis Fed President William Poole on Tuesday. Poole said the best policy for the Fed in cases of market turmoil is to be cautious and try to understand the reasons for the volatility. The Fed should only act "in due time" if evidence accumulates that the market upsets threaten to cause price stability or low unemployment, or when financial-market developments threaten market processes themselves, Poole said. "If the market believes that the Fed is always primed to adjust policy, then market participants will spend more time trying to second guess the Fed than trying to understand what is happening to business and household behavior," Poole said in a speech prepared for delivery at the University of Missouri. End of Story

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