EDIT: link to article:
Fed Prepares to Act
Officials Consider Unusual Steps to Avert an Economic Stall
Federal Reserve officials are considering three unconventional steps to revive the economic recovery and seem increasingly inclined to take at least one as they prepare to meet this month.
from the WSJ’s Jon Hilsenrath, is everywhere, reported really, really quickly.
Now, I’m not questioning Hilsenrath’s take on things, the guy seems to be very well connected indeed; his take on future Fed actions is … well, is uncanny too strong a word for it? Whatever.
BUT, BUT, BUT …
What concerns me is the speed with which this has been disseminated. And will no doubt be lapped up. Hilsenrath = Voice of Fed Reserve … What I’m getting at is that this is going to get priced in very, very quickly. If it hasn’t been already.
I could be mistaken, but despite being wrong about the direction yesterday I wasn’t impressed with the vigour of the move. Such a grind. Make no mistake, my view was wrong, so I’m trying not to let my ego and sour grapes interfere with my assessment of the move. And the fact is, the price shrugged off some bad news yesterday (yes, there were some positive developments too) in its upmove. But, again, no vigour to it (unlike Tuesday). Curmudgeon. That’s me. We had a nice bounce back from a fall I didn’t expect would be extended (got that right, anyway), but the follow through on Wednesday wasn’t convincing to me.