Yesterday it was for one day, today it is for three days, and the next move is to cut. The central banks have taken out too much liquidity in a low rate world. Europe, Japan and Canada already recognize that. The growth in France, the US domestic economy and Japan is inadequate. The US Federal Reserve, kicking and screaming, now recognizes it also. So the cutting starts. And Japan? Interest rate increases are now over.
Take a look at wikipedia's entry for Chairman Ben Bernanke. Click on the 12th link. It's Cramer, blasting the Fed, and blasting Poole, saying, "they have no idea, they have no idea!"
http://en.wikipedia.org/wiki/Ben_Bernanke
The academic is getting schooled by the market.
Greenspan, despite his errors, understood the pulse of the market. So he was nicknamed "Maestro" by Woodward for how he conducted policy. Maestro comes from maestro di cappella "master of the chapel." Appropriate, since Greider's classic on the Fed, penned in 1989 was Secrets of the Temple: How the Federal Reserve runs the Country.
Chapel, or temple, the traders are praying for liquidity. And finally, the money gods oblige.
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chanyuan2017.01.22
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