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January 21st, 2008 at 11:04 am
Toronto is also down 4+%. Keep in mind this is a commodities heavy market, especially energy. The last bastion of hope…
Also I checked the Yield curve and 3 month T-bills are at 2.80%.
145 basis points lower than Fed funds.
I think the market is saying the Fed has lost control of this. It’s saying it’s gonna take 150 bp cut to regain control, and that’s if they do it tomorrow morning. Next week it could be worse.