Word: feds
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...Well, it?s a Fed week again. The Body Greenspan comes together Tuesday to toss another interest-rate cut into the bottomless pit that is the collective heart of the American CFO, as Wall Street, Main Street, Washington and their one-man confluence, Big Al, all wonder: What will it take to get corporate America?s money-movers to pull the trigger on capital investment again...
...Fed, goes the widespread expectation, thinks it will take another quarter-point cut, bringing the Fed funds rate down one more notch to 3.5 percent. That?s seven cuts, for a full 3 points of easing, since January...
...pessimism again, bidding down long-term rates in expectation that a recovery - and inflation - was a long way off. Stocks, after trying mightily to find their footing in a week of decent economic numbers and unsurprisingly dismal earnings news, stumbled anew on Friday. And if you think the Fed?s 25 basis points wasn?t discounted about a month ago, well, go ahead and load up on equities before 2:15 p.m. Tuesday. See where it gets...
...This week, at least, is all about Fed- and White House-watching, which has the salutary effect of putting one on a roughly bi-monthly schedule of information intake. (These day-to-day blips, like suicide bombs in the Middle East, just end up priming observers for trend-shaking developments that never come...
...Tuesday it?s the FOMC, and although we know about the quarter-point (or think we do) what still bears parsing is the Fed?s accompanying statement, which will hopefully contain some accompanying logic (sadly lacking in June) for why Greenspan and the gang have officially slowed their easing pace to 25-point increments...