No its because the first rate cut is usually a sell the news event during stagflation. They have a slowing economy, rising unemployment (confiemed again last night) and persisting inflation. This is the same as the 1970s stagflation. When the rate cuts started ( due to poor economic conditions, not that they got inflation under control) the stock market crashed and gold and silver ran.
Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-69
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