Word: feds
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...Fed talked...
...knee-jerk market reaction - down, down, down with a clamor - only presaged the peanut-gallery response to what may be seen as one of the least popular Fed moves in a long, long time. Because while the steep-sloped graph of Fed rate cuts this year now shows a distinct leveling off - right smack in the middle of the weakest economic quarter in a decade - nowhere in the 200-word accompanying statement was any hint of why Alan Greenspan chose June 27, 2001 to ease off on the throttle...
...Fed statement to its sixth rate cut this year (which means the funds rate has now dropped from 6.5 to 3.75 percent), hit all the same notes as the five 50-pointers that came before: "The patterns evident in recent months - declining profitability and business capital spending, weak expansion of consumption and slowing growth abroad - continue to weigh on the economy. The risks are weighted mainly toward conditions that may generate economic weakness in the foreseeable future." And even, "The associated easing of pressures on labor and product markets are expected to keep inflation contained...
...bullets. After all those double-barreled rate cuts and all that deafening silence from both the markets and the rest of the non-consumer economy, the Fed may have done all it can do, or at least all that it's sensible to do. And a quarter-point might be just the last, best, least panic-inducing way of stalling for time...
...appears the alliance misjudged the depths of frustration over the ethnic-Albanian uprising among Macedonian Slavs. Monday's protests started with police reservists, some of whom were given weapons over the past couple of weeks. It's certainly very difficult to find Macedonian Slavs in Skopje who are not fed up, and who don't back government efforts to seek a military solution. And that's obviously a worrying trend...