Lots of talk this morning of a fed funds rate cut as soon as next week. My own sense is that Jerry will save it for later and cut in September, instead. However, sometimes where there's some smoke, there's definitely a fire.
So here's what the hubbub is about today. You'll recall that former Goon Dudley once ran the NY Fed so it's not as if he's unconnected. Additionally, The Fed is like the mafia...once you're a Made Man, you remain a Made Man for life....
