WASHINGTON (AP) — The Federal Reserve, confronted with a global stock sell-off fanned by increased fears of a recession, cut a key interest rate by three-quarters of a percentage point on Tuesday, the biggest one-day move by the central bank in recent memory. The Fed said it was cutting the federal funds rate, the interest that banks charge each other on overnight loans, to 3.5 percent, down by three-fourths of a percentage point from 4.25 percent. The Fed action was … Continue reading
The Federal Reserve made a surprise 0.750% rate cut this morning. Mortgage rates are falling in response, but not because of what the Fed did as much as what the Fed implied by doing it. The chart above dated from last week and illustrates what traders thought the Fed would do to the Fed Funds Rate at its 2-day meeting January 29-30. Note that over a two-month span, the market expectation changed. The blue line (4.250%) represents the Fed Funds … Continue reading
Here are the 80th Academy Awards nominations. View the Oscar Academy Awards live on February 24th at 8 EST / 5 PST on ABC. Best motion picture “Atonement” (Focus Features) A Working Title Production: Tim Bevan, Eric Fellner and Paul Webster, Producers “Juno” (Fox Searchlight) A Dancing Elk Pictures, LLC Production: Lianne Halfon, Mason Novick and Russell Smith, Producers “Michael Clayton” (Warner Bros.) A Clayton Productions, LLC Production: Sydney Pollack, Jennifer Fox and Kerry Orent, Producers “No Country for Old … Continue reading