Tuesday’s action by the Federal Reserve has placed us into the history books. The Fed cut the federal funds rate to an unprecedented 0.25% and gave a rather firm statement that they are prepared to keep the rate at this low level as long as the markets deem it necessary. When asked why they didn’t cut rates down to 0 a Fed official replied that it would help the credit markets run more smoothly. The markets don’t believe that. In fact, the markets have been trading near the zero percent mark for some time now.
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