PhillyInc

So never mind about "panic" on the Street.
The Federal Open Market Committee launched a pre-emptive strike this morning against what was looking like a huge downdraft in the U.S. markets: It will lower the federal funds rate 75 basis points to 3.5 percent.
That's a cut coming before its scheduled two-meeting at the end of this month.
It's happened before, but an interest rate cut coming between meetings is a rare event.
Was it the right move? Is it coming too late to head off a recession?
- Mike Armstrong