>The Federal Reserve just cut its target for the fed funds rate by 0.25
>percentage points, and lowered the discount rate by the same amount. The
>Dow is up 250 points as I type, with financial stocks strong. That doesn't
>mean that people in Thailand will be trading their dinners of tree bark for
>ones of chicken in green curry sauce anytime soon, of course. Nor does it
>mean that the U.S. stock market will turn in 25% annual returns for the
>next decade. But I'm starting to think the worst of the world financial
>crisis may be over. Not certain by any means, but leaning in that direction.
...of course if the rally fizzles (Brazil's stock market is up almost 7% now), and the interest rate magic doesn't last, then this probably is the real thing.
Doug