You know, that's the whole problem. These off-hours surprise cuts send uneasy messages; smack of desperation.
Smack of PANIC!
They could have waited 48 hours to make the announcement. Even a few hours into tomorrow wouldn't have done the damage that this will do.
People will percieve the Fed as panicking and will follow suit. Espeically when they read headlines about runs on banks. AND with 4 other major US banks ready to unroll numbers the first part of this week.
Panic in the air. Asia is getting it now. Europe next. Then the biggie. NY.
Gee ya think!
I don’t know anything about investments, but I know bankers don’t work on EFFING SUNDAY! As soon as I read that about rate cuts today to thwart a run on the banks monday, I was on the phone lickety split calling people more knowledgeable than me trying to figure out what the F is going on!
You know what I was told? “well I’ve been expecting it for a while now, that’s why I’ve been hoarding gasoline in cans lately and a year supply of food.”
SHIT!
I don’t think I’m going to sleep much tonight.