FED DISAPPOINTS; MARKET SLAMMED
The headline: Fed Disappoints Traders Hoping For More Aggressive Interest Rate Cuts.
The Fed cut both the funds rate and the discount rate by ¼ point, explains Dylan Ratigan. Now the fed funds rate stands at 4.25% and the discount rate stands at 4.75%.
Jeff Macke feels guidance from the Fed was “mealy” and he sold Coach (COH) on the news.
Karen Finerman says she doesn’t pay that much attention to the Fed. Instead she trades on valuation.
In breaking news, Steve Liesman reveals that the Fed might be considering alternative measures to address liquidity issues. He suggests Wall Street could be misreading Tuesday’s Fed decision as the only action that the Fed is taking.