The Fed cut the key interest rate from 1.5% today to 1%. A half point reduction in yet another attempt to jump start the economy. The Federal Reserve cut the rate earlier this month from 2% to the 1.5% rate on the 8th of October. As the Markets close today it does not appear to have had the effect everyone had hoped.
Federal Reserve Chairman Ben Bernanke pledged that those at the Federal Reserve would “monitor economic and financial developments carefully and will act as needed to promote sustainable economic growth and price stability.” but it appears that Americans have little faith in the group that was watching from the sidelines as our financial infrastructure crumbled earlier on this year to save the day now.
At the end of the days trading, the DOW closed down just over 74 points however the NASDAQ was up 7.74 or almost a half percent.
With just less than a week to go until election day in the United States, one wonders what more of a roller-coaster ride we can look forward to.
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