{"id":1118,"date":"2008-01-22T10:04:18","date_gmt":"2008-01-22T14:04:18","guid":{"rendered":"http:\/\/valorguardians.com\/blog\/2008\/01\/22\/fed-cuts-overnight-rate-75-basis-points\/"},"modified":"2008-01-24T19:44:13","modified_gmt":"2008-01-24T23:44:13","slug":"fed-cuts-overnight-rate-75-basis-points","status":"publish","type":"post","link":"https:\/\/www.azuse.cloud\/?p=1118","title":{"rendered":"Fed cuts overnight rate 75 basis points"},"content":{"rendered":"

Global markets panicked on their Monday and Tuesday trading days driving futures on US stocks to record reductions. At 5 am, when I turned on CNBC this morning, the Dow Jones futures were at -500, NASDAQ futures were over 100 points down. But the federal Reserve Board came to the rescue after Asian markets closed and cut the overnight rate .75% to 3.5% according to the Financial Times<\/a> in time to save the British FTSE;<\/p>\n

<\/p>\n

Down as much as 240 points after the market opened, the FTSE 100 rallied 1.65 per cent to 5,670.2 in early afternoon trading. There had been widespread speculation of a Fed cut earlier in the day, possibly in co-ordinated moves with other central banks.<\/p><\/blockquote>\n

Don Surber<\/a> poked a little fun at the foreign markets yesterday;<\/p>\n

\n

The panic over the \u00e2\u20ac\u0153recession\u00e2\u20ac\u009d is entertaining and good for the U.S. economy.<\/p>\n

In the United States, we had a Martin Luther King holiday, while the rest of the world had a holiday from common sense.<\/p>\n

The various stock markets collapsed as investors turned into bears and enjoyed their biggest panic since 9\/11.<\/p>\n<\/blockquote>\n

What me? I’m holdin’ what I got and depending on the next few days performance, I’m buying. I don’t subscribe to panic. The folks on CNBC were absolutely giddy watching the Asian markets collapse and they had dire predictions for US investors. I hope they all keep selling off – in order to sell your stocks, someone has to be buying them.<\/p>\n

This is what separates the men from the boys. Look for the Democrats to try to pin this on the “Bush economy”.<\/p>\n

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Global markets panicked on their Monday and Tuesday trading days driving futures on US stocks to … Fed cuts overnight rate 75 basis points<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,6],"tags":[],"class_list":["post-1118","post","type-post","status-publish","format-standard","hentry","category-economy","category-media"],"_links":{"self":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/posts\/1118","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1118"}],"version-history":[{"count":0,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/posts\/1118\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}