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Strategies & Market Trends : Currencies and the Global Capital Markets
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To: Chip McVickar who wrote (910)10/16/1998 10:58:00 AM
From: Henry Volquardsen  Read Replies (2) of 3536
 
Chip,

There are a couple of theories as to why the Fed acted yesterday. One is that in fact the Fed knows someone big is in trouble. There have been rumours that a big bank has been having funding difficulties. FWIW I have seen no direct evidence of that in the market but the rumour is out there.

The rumour that I find more credible is that this is part of an organized effort to restimulate the global economy. You have had rate cuts in other countries and will get more. Last night you had passage of a Japanese bank bill. There are renewed rumours of a tax package. We will also see a package for Brazil. I think this is part of a long term plan among the major players.

Henry
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