“Now the question is will it be a 25 bps or 50 bps cut and does it even matter. There are many things screaming recession here.”

No Rate Cuts, Wall Street isn’t going to get what it want’s unless it gets much much worse:

“Four regional Federal Reserve bank presidents declined to endorse a cut in the
benchmark interest rate this month, as policy makers gauge the impact of the credit- market rout on the U.S. economy.

Kansas City Fed President Thomas Hoenig and Dennis Lockhart of the Atlanta Fed said they hadn’t seen sure signs of a housing spillover into the broader economy. St. Louis Fed President William Poole and the Dallas Fed’s Richard Fisher said the effects of the turmoil so far are unclear.”