Earlier this week at the FOMC Press Conference, the Fed Chair said that if the data got worse, they would be more aggressive with monetary policy.  According to Bloomberg today, the St. Louis Fed Head Bullard said “the Manufacturing and Industrial Companies were likely in contraction mode,” and he dissented at the FOMC meeting because he thought the Fed should have cut rates by more than they did.  Although the Fed had two dissenters that wanted no cut at this week’s meeting, the Fed lowered rates anyway, which clearly shows which way they are leaning.


In our opinion, the folks printing the money told you what they were going to do, yet we spend all our time on academically evaluating whether it is good or bad.  I am not a politician, so my mandate is to react to what is – and they basically said they are giving investors a backdrop against a severed economic downturn by their willingness to be more accommodative on signs of further deterioration in economic activity.  That is bullish and supports our offensive field position

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