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FED cut discount rate, AGAIN, by another 25 basis points. SPH1 back to 4:15 pm level already. WTF is happening?
My understanding is that this is merely the 2nd half of yesterdays 50 basis point cut. Due to technical reasons (I'm told) they cannot actually cut the entire 50 basis points in one day, so instead they cut 25 yesterday and the other 25 points today. Thus this was actually old news.
Larry
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