Tuesday, January 22, 2008

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.

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