You Be the Judge
The Fed cut, as reported this morning (emphasis added): NEW YORK ( Reuters ) - Stocks headed for a slide at the open on Tuesday as fear of a recession gripped investors, prompting the Federal Reserve to slash benchmark U.S. interest rates by 75 basis points in a surprise intermeeting decision . NEW YORK ( AP ) - ... The Fed's move was unsurprising , given that world stock markets were falling precipitously the past two days, and that U.S. stocks had tumbled last week amid growing fears of a recession in the United States.