I'm not sure if I'm biased, so perhaps some of you unbiased folks (yeah right) can clarify. But after reading the statement, I get the impression the Fed no longer indicated it would cut in the future, but instead signaled "data dependancy".
bBeagle ben will keep cutting if he has to. Even if he doesnt cut next time markets will continue to rally well into 2008 without much pause. this is very good news
Get past the bulls bears thing for a while and try to understand the market. This is what I meant about biased.