Bernanke To Cut Rates?

I wrote last week before the Fed decision on interest rates that my opinion was they should cut immediately and deeply. They did nothing. Now a week later we see a report from Bloomberg that a rate cut may be imminent.

I wrote in that post, "Somehow I think many believe we can wish away rates near the zero bound. Well, forget it. That ship sailed years ago." This is a key point I want to make again. This concept of wishing for interest rate policy seems to be prevailing wisdom by many with the microphone. The market needs lower rates and unless the government bails out everyone on earth, short term rates are most assuredly going lower.