“Does this mean that the Fed cut today will have minimal impact in CA where there are a lot of ARM borrowers?”
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No. The Bank of England is likely to follow suit. The BoE also injected L4.4 billion into the British banking system last week, another L4.4 billion a few days ago and just announced a surprise L10 billion injection today. Not sign that all is well. And inflation appears in check over there, which helps clear the way for a cut.
