Wow, color me surprised. Maybe the Fed is more worried than we thought. In a surprising move, the FOMC unanimously cut the fed funds rate by 50 bps to 4.75%.The market surged on this news, with financials leading the way. The banks and broker index are both up +3.75% as of this post. The Dow is surging +250 points right now.I think the Fed felt it needed to throw a lifeline to the housing/mortgage market, and if they were just going to cut again in a couple of months, why not do a full 50 bps right now?Of course, sentime[...]
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[Source: The Money Blogs]
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