It would be nice if they just waited until the next regularly scheduled meeting on the 29th to give Wall Street the 75 bps it’s begging for. I know that’s asking a lot from a group of circus clowns that essentially bases its policies on Wall Street’s applause meter, but I dare to dream. But because waiting is probably the “right” thing to do, we will probably see the opposite – a “surprise” cut this week. The most profitable trading strategy of the last decade has been to “trade assuming the Fed will do the most irresponsible thing.” We’ll see if that trade is at the end of its rope or not. I’m cautiously optimistic.
