The Fed decided to cut the benchmark Federal Funds Rate 75 bps to 2.25%, not the full 1% that the market expected. I am marginally happy with this cut. I'm glad the Fed didn't do the full 1%. It sounds like they are trying to hold their ground on inflation and not seem too ready to debase the dollar and bail out Wall Street, but they also must realize that they are between a rock and a hard place.
Already the Dow is off over 100 points since the cut was announced, but is still up 200 points on the day. It will be an interesting 100 minutes to the close.
Hat Tip: CNBC Television
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