I'm curious, I read this today in Thompson: How, exactly, do the Fed Futures rates work? When you see that the futures imply a 75bps cut by November, I think to myself that either I'm missing something in that the economy is that bad or that the futures don't really have an effect on the Fed's decisions. Can someone please explain? Cutting 75bps by November would simply re-ignite the free money/lquidity problem and exacerbate the problem further. The Fed cannot be that dumb, can they? Thanks in advance.