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As we told you yesterday Ben Bernanke didn’t want to take any chances by disappointing the Street. As was widely expected the Fed slashed interest rates by half a percentage point on Wednesday.
And that leaves investors wondering if the ECB will follow suit.
“I was not surprised by what the Fed did today but I think Nov. 6th will be all the more interesting,” says Jon Najarian on CNBC’s “Closing Bell.”
That’s when the ECB gets together for their next regularly scheduled meeting and many traders including Najarian are wondering if the European Central Bank will follow suit and also cut.
“It will be two days after our election and I believe they’ll be cutting rates overseas as well,” muses Najarian. However he doesn't expect an emergency cut in the days between now and then.
Najarian's Thesis
“I think there is weakness in many economies in Europe. We’re working our way through the financial crisis faster than Europe and we have a better ability to do it than these linked together but individual countries in the European Union.”
What’s the bottom line? “I expect to see the ECB make a half point rate cut on November 6th mirroring action by the Fed,” concludes Najarian.
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CNBC.com with wires
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