my thoughts exactly. hence why they did not cut the fed funds rate friday. anyone going for a rate cut in september forget it.
Watch for the financial media to give positive economic data little play and air time. 90% of wallstreet is crying for a rate cut, good economic data will make them look pretty stupid for crying so loud.
im here to be corrected but i never heard of the discount rate only to be cut on its own. that in itself is a statement. the ecb will go and hike in september as planned a quarter. the fed will concede that the markets have problems but a fed funds rate cut does nothing to solve it. when the markets wake up to this fact stocks and bond futures will be sold off. no bail out for the wall street pussies.
Strong economic data? Ya mean leading indicators that came out today? lol. That garbage has predicted 17 of the past 4 recessions. Strong economic data? Like from the earnings reports of the past quarter? Other than Deere reporting strong farm sales, pratically every company cited weak domestic growth but strong foreign demand. I notice the 3 month yield is having its largest one day drop (121 basis points at one point), exceeding that of '87 (85 basis points) or '01 (39 bp). Must be that "stong economic data" bringing that down.