It's a symbolic attempt to restore confidence and calm the credit markets. But I agree it will fail because the root problem is not lack of confidence, it's, simply put, too much debt in the economy in relation to interest rates.
there is`nt a more conservative sell zone on the chart than that spike zone......missed some of my resting GTC sell by ticks on that spike....looking for a retest. i`ve been waiting for the top of this daily channel for quite some time to ride the lightning & figured it would need a catalyst to get there.......bingo!
man i just remember the futile attempts by the fed in 2001 to stop the markets from falling and it didn't help.