Statement is here. Summary: the Fed is scared, both of inflation and a slowdown. But not quite as scared as the markets were yesterday. The market, which was expecting something rather more generous, reacted unhappily.
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Markets seem happy now (3:49 ET) with the major indexes all up 3% or more.
Gee, what does the market do when it's happy?
The market, which was expecting something rather more generous, reacted unhappily.
Just to pile it on here, the Dow closed up 420 points.
for as many errors as she makes, this:
The market, which was expecting something rather more generous, reacted unhappily.
Just to pile it on here, the Dow closed up 420 points.
Posted by Charlie (Colorado) | March 18, 2008 4:36 PM
is lame.
she was/is correct, the major averages traded lower after the announcement...
anyway, just a another day for the 401(k) crowd to party like its 1999..
...she was/is correct, the major averages traded lower after the announcement...
In which alternate universe would this be? According to the ticker, the DJIX opened at 11975, and never dropped below about 12100. The Fed dropped the rate .75, which was the *biggest* drop anyone was predicting and one of the biggest drops ever; the market pulled back a bit then moved up another hundred-odd points from it's previous intraday high.
So the market got a "buy on the rumor sell on the news" drop, and recovered it and more.
Other than the fact that the market didn't expect anything more generous, and ended up with one of the best days ever, though, I guess I can see you're point. Why should anyone suggest Megan as off?
Charlie (Colorado) | March 18, 2008 6:46 PM
see: http://finance.alphatrade.com/quotes/quote?s=DJIX
that cliff dive on the intraday chart coincides with the announcement of BB's latest move..