Thank you, Ben. The market surged at the open this morning after the Fed cut the usually symbolic discount rate. The FOMC unanimously voted to cut the rate at which the Fed lends funds to banks from 6.25% to 5.75%.This will have a more significant impact in terms of injecting liquidity into the system than the recent open market operations have had. It also opens the door for a cut in the fed funds rate at the upcoming September meeting. Here is a copy of the full statement from today:"Financial market conditions have deteriorated, and tighter[...]
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[Source: The Money Blogs]
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