Fed Cuts Discount Rate
Loans to banks just got a little less expensive this morninng after the Fed cut the discount rate by a half percent. Stock futures which were once again pointing down, turned around and soared on the news. The news tells us that yes Mr. Bernanke is watching and yes he is listening. The rate cut moved the discount rate from 6.25 to 5.75 but the Fed did not change its target on the federal funds rate. This should make for a good day in the markets.
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It made for a great day in the market indeed. Up 233 points, I think the rate cut saved us at least another 500 point drop.
I agree Bernanke is definitely listening and watching what is happening in the market. I think his actions gave investors some confidence back. I am hoping it is long term and more good news follow. It is hard to watch the market go down 10% in such a short time.
What more can I say, good call Bernanke
I am not a stock market professional but know enough to say that it did make for a great day as Mike said 