The futures sure love it
Sep. 19th, 2008 05:51 amBriefly: a "bad debt rescue plan" is pitched as something that "may" cost "up to" half a trillion-with-a-T dollars. It'll be more than that. There is also now a ban, albeit temporary, on shorting financials stocks. Marketwatch has an early AM bulletin: "FED TAKING NEW LIQUIDITY MEASURES, INCLUDING BUYING FANNIE AND FREDDIE DEBT" but no story; there is a short story on loans to prop up the money-market sector. Whup, a new one: oh look, they're guaranteeing them now - so much for all those little disclaimers on commercials about risk. The TED spread has dropped to 229 after spiking to a record 314, a massive drop; Dow futures are up 370 points. And the dollar is rallying.
But the Fed is still having severe trouble trying to reach its target rate, and had to float some 0% overnight loans to come close.
Also, it's kind of too damn hot in this room to sleep well. Foo.
But the Fed is still having severe trouble trying to reach its target rate, and had to float some 0% overnight loans to come close.
Also, it's kind of too damn hot in this room to sleep well. Foo.