It would be kind of like when they put through a substantial emergency rate cut when the market crashed in 1987. I don't think it is evidence of panic to treat what happened yesterday as an emergency. It's an emergency on many levels.
More Quotes from Bill Cheney:
Today's rate cut was no surprise. Even the half-point cut was more or less expected. In fact, the economy is still weak enough for the Fed to feel free to keep easing.Bill Cheney
What worries me the most is a slip backward becoming a spiral downward. Jobs are the linchpin of both consumer confidence and consumer spending. We can't sustain many more losses like this without that downward spiral getting started. This is the kind of data that could make the Fed think about easing again.
Bill Cheney
I think it is clear that, whatever the economic outlook was on Monday, the outlook is shakier now, and there are stronger arguments for cutting rates.
Bill Cheney
If even 5 to 6 percent GDP growth isn't enough to get any net hiring, then the risks rise that the stimulus from the tax cuts and defense spending could produce a one-time boost that will fizzle out next year.
Bill Cheney
It fits in with the picture that the labor market is turned, inflation has turned and in a few more months they'll be tightening.
Bill Cheney
I think we're going to see absolutely more of the same. I don't think there will be any discernible change in the conduct of setting monetary policy.
Bill Cheney
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