Dow drops more than 360 on fears interest rate cuts will end
So let me get this straight. One day after finding out that current growth is a robust 3.9% AND getting a second rate cut, the sky is now falling because the FOMC hinted that their might not be any MORE rate cuts? It's like dealing with a spoiled child!
"Wall Street is in love with the idea of a rate cut, and realized that the Fed said inflation is still a concern — that lowered the chances of a cut in December," said Ryan Detrick, a senior technical strategist with Schaeffer's Investment Research. "We're now feeling the pain now that investors have slept on it, and figured out what they said."
lovely
1 comment:
What sort of integrity (if any) do you guys see in the gov'ts inflation, jobs, and GDP numbers? John Williams @ ShadowStats has been tracking the "changes in methodologies" the gov't uses to give us our monthly and quarterly doses of economic fiction. If it sounds like I am jaded, I am. CPI and the GDP deflator look horribly understated for several years. And the jobs numbers make even less sense thanks to the birth/death model.
What do the trained economists in you think?
P.S. I had John Coleman as my Macro teacher @ Duke. I thought he was great.
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