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Dale:
No forwarning. My wife was watching headline news--they just cut in and said
that in a surprise move, the Fed had lowered rates. My opinion is that they gave
Greenspan the go ahead at the ladt meeting to move again on 25 basis points if
he felt it was needed. yesterday at lunchtime, he apparently took a phone poll
with the regional Fed Chiefs and most actually asked fo him to exercise that 25
basis point cut. I would also suggest that he probably called the White House
and told the President, as well as the Speaker of the House, that he would cut
rates again IF and When they agreed upon a budget--if you remember the last time
they had a budget impasse, Greenspan waited to cut rates until they had come to
an agreement. This is one of the few times he gets to hold those two to the
fire...
As for the floor, they have huge boards all around the pits, neon green letters
on black background...They have reuters and Telerate news and it just flashes on
the screens--those that were looking when the news came up got a
jump--otherwise, believe it or now, most get the news because a bank or fund
trader knows the news and picks up his direct line and tells his or her floor
guys.
Best,
Tim Morge
DLCRL@xxxxxxx wrote:
>
> Was there any forewarning yesterday that the fed was going to make an
> announcement ?? how were those that watch the news informed ?
> dale
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