The NBER Finally Says So!
Contrarian Profits (December 2nd, 2008) Writes:
RBA cuts 100 BPS… It IS a recession! Paulson to ruffle feathers? Yen to rally hard? And Now… Today’s Pfennig!
Right out of the starters blocks this morning, the Reserve Bank of Australia (RBA) pulled the rug right out from under the “high yield status” of their economy, with another HUGE rate cut overnight… This time, the RBA cut 100 BPS, to an internal cash rate of 4.25%. This brings the total since September to 300 BPS! WOW! Talk about effectively unwinding seven years of tightening! The statement following the rate announcement leads me to believe that the RBA is probably finished cutting rates for now… It will be a wait-n-see what happens globally, before the RBA entertains any talk of further rate cuts… At least that’s my opinion!
Had a long talk with the legal beagles yesterday… The just don’t like what / how I say things. This all stems
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