... but I reckon Ben "B52" Bernanke is going to announce a Fed rate cut within the next 18 hours.
It has to be at least a full 1.0%. If it is less, the market will totally ignore his announcement because the players have already factored in at least a 0.5% cut, and probably even a 0.75% one.
On the other hand, it may be more than 1%, but that's another problem. If it is too big, the market will really get spooked about what the Fed 'must see' is ahead.
So, the Fed as a result of the deliberate actions of Greenspan ( knighted by the Queen of England Greenspan ) is caught between a rock and ... well, a rock.
Stuffed.
The Fed is discovering that the 'market' is so very much more powerful than themselves.
Have you ever listened to Leonard Cohen's song "The Future" ?
I'd give you the lyrics here - but there's enough depression to go around already.
Just my wild guess is all.
all the best to all of us.
dub
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