Herewego I’m with you on that one. The futures are showing only a 40% chance of 50 bps cut. The FED is going to use the discount window as its primary tool for the credit crunch. Greenspan gave Bennie some cover indicating that we have more inflationary pressures today that limits the FED’s ability to cut the FED funds rate. I don’t know how the market will react but you can be sure the next debt bomb to go off after this FED meeting will have a significant impact on the market. I am not getting the feeling that anything has truly stabilized.
