Though Ben Bernanke did not come out with a billboard and say he was cutting rates, there was ample indication that he stood ready to act:
"It is not the responsibility of the Federal Reserve--nor would it be appropriate--to protect lenders and investors from the consequences of their financial decisions. But developments in financial markets can have broad economic effects felt by many outside the markets, and the Federal Reserve must take those effects into account when determining policy."
..."if current conditions persist in mortgage
markets, the demand for homes could weaken further, with possible implications for the broader economy."
"The Committee continues to monitor the situation and will act as needed to limit the adverse effects on the broader economy that may arise from the disruptions in financial markets."
Finally, discussing his recent cutting of discount rate, Bernanke noted that "the Federal Reserve stands ready to take additional actions as needed to provide liquidity and promote the orderly functioning of markets."
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