...a fear of recession translates into a lower likelihood that the Fed will cut interest rates back down again to fake happiness levels. Not the reverse? As I write the Dow is down over a thousand points today. This makes cutting interest rates more likely, right? Fake happiness is the Fed's preferred remedy. (The plan had been for the interest rate cuts to come closer to the election, but if the market continues to panic, they will have to come sooner.) hugzu ;-p |