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: The point here is not what the Fed can do, but the respect
: it shows market participants, especially professionals.
<snip>
: The market players, whether they are
: corporate investors, pension managers, floor specialists or
: merely small time speculators deserve more respect than is
: show by the Fed whether it is cutting rates or lowering them
: in such surprise moves.
<snip>
: Let the Fed do it's business with respect
: and humility for its place in the greater scheme of things: as a
: servant to the free market, not a controller of it.
I don't know exactly where you're coming from but the Federal Reserve is not
a servant of the free market. No where in its charter does it says that it
is subserviant to the financial markets, its participants or those
speculating in it. What makes you think that the speculators in the
financial markets are so special that they deserve special considerations?
The Federal Reserve's duties fall into four general areas: (1) conducting
the nation's monetary policy by influencing the money and credit conditions
in the economy in pursuit of full employment and stable prices; (2)
supervising and regulating banking institutions to ensure the safety and
soundness of the nation's banking and financial system and protecting the
credit rights of consumers; (3) maintaining the stability of the financial
system and containing systemic risks that may arise in the financial
markets; and (4) providing certain financial services to the U.S.
government, the public, financial institutions, and foreign official
institutions, including playing a major role in operating the nation's
payment systems.
http://www.federalreserve.gov/pf/pdf/frspf1.pdf
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