Last night was a bit of a fizzer for the shorters....
Second guessing is nearly always stupid but, I'm not so sure today is an obvious long into the FOMC decision.
Speculation exists in the media about combined central bank intervention to buy USD's, and arrest the USD's decline.
A hefty 1% or even 0.75% rate cut tonight would make that job harder, and bearing in mind the Fed cut rates by 0.25% over the weekend.
At 0.50% I think the market will be pissed, but I think that could playout. The Fed may want to conserve some "ammo" also.
Dunno.... Why can't the Fed announce at 8.30am (their time)so I can trade the decision without getting up at half past sparrow fart?
tumbling tuesday, page-105
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