has begun... Said it several times in the past. I think Pa(b)st commented that fed telegraphs moves in advance. The discount rate cut was the biggest telegraph you could've ever hoped for. Discount and FF tend to move in same direction. http://elitetrader.com/vb/showthread.php?s=&threadid=96555&perpage=6&pagenumber=5 (see last post of page) The history was right in front of our eyes. Just look how nicely correlated the directions have been since 2000.