The Interest Rate Paradox Waiting for the Fed at Jackson Hole
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WASHINGTON, DC—Wall Street was so close to a happy ending on Tuesday. The day started out on a hopeful note, with pre-market trading suggesting a recovery was in the offing. And indeed, for most of the day the markets clawed back a good bit of what had been lost in the past few days. Then, in the last half hour as trading headed for a close, the Dow Jones Industrial Average dropped 1.3%.
This does not bode well for Wall Street as well as the global economy.
Tuesday also started out with China throwing, so it would seem, almost everything it had at this devolving situation. It announced yet another interest rate reduction – its fifth since November – as well as its announcement that it would lower, again, the level of deposits a bank is required to hold…
The Interest Rate Paradox Waiting for the Fed at Jackson Hole
