Tuesday, September 18, 2007
I was wrong, thankfully
Ben Bernanke kept us out of trouble and got the Open Market Committee to lower the federal funds rate by 1/2%. The market reacted positively, as you would expect. If they had not done at least 1/4% cut, the market would have tanked. Some people thought that the cut would only be 1/4%, so that was factored into the market prior to the announcement. Yahoo Finance has the story.