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Wow, the Fed lowered the federal funds rate (FFR) by 50bps yesterday and the economy is already responding. Jobless claims fell and two regional business surveys strengthened in September, while the Coincident Economic Index rose to a new record high, though in August!
We are kidding, of course. But perhaps the economy didn't need to be stimulated so much. It appears Fed officials got their soft landing but feel a need to act fast to avert a hard landing. The most immediate impact of the Fed's easing move was to send stock prices soaring today to new record highs in a way that is reminiscent of the late 1990s meltup. Consider the following:
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