The New York Times, in its infinite wisdom, headlines "In Surprise Move, Fed Cuts Key Rate". The Washington Post concurs with "Fed Makes Surprise Move to Calm Markets", though that headline will probably be gone soon. The LA Times has a similar headline on its front page, "Fed delivers unexpected rate cut to calm markets".
Who was surprised? Certainly not the financial markets. This rate cut clearly leaked yesterday in the middle of the afternoon.
I wonder how transparent the leak was. Did everyone get it or just the important players? Silly even to ask the question, I know.
Friday, August 17, 2007
Yesterday's news
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