FOMC Goes Three-Quarters Of The Way

The FOMC has made its rate cut, although not quite as much as Wall Street was talking up. Wall Street wanted a 100-basis point cut or 1 full point. We got a 3/4-3/4 cut by 0.75% on fed funds to 2.25% and 0.75% on the discount rate cut to 2.50%. At 2:10 PM EST ahead of the results, here were the market levels for reference: DJIA 12,241.64 (+269.39;+2.25%) S&P500 1,311.81 (+35.21; +2.76%) NASDAQ 2,232.42 (+55.41; +2.55%) 10YR-TBOND 3.393% (+0.079) Today's PPI gains would have normally given some a pause in their demands that the FOMC cuts rates by a full...