The Federal Reserve lowered an important short-term rate by a quarter of a percentage point Tuesday, the latest in a series of rate cuts that the central bank hopes will stimulate an economy some fear is on the brink of a recession.No real commentary on the issue, as I avoid discussions of economics at all cost, but I found the reaction ironic. I guess you just can't please Wall Street.
But stocks plunged following the Fed's announcement as Wall Street was disappointed the Fed did not act more aggressively. The Dow dropped nearly 300 points, or 2.1 percent, while the S&P and Nasdaq each fell about 2.5 percent.
Tuesday, December 11, 2007
Oh the irony!
Via CNN Money - Fed cuts rates by a quarter point