08-17-2007, 01:13 PM
Jerry, I think you are exactly on target. The rate they dropped today was the Loan Rate and not the Federal Funds Rate, which still sits at 5.25, where it's been for about a year. They issued a statement in concert with the reduction which contained no comment about inflation. I'm glad they did what they did, it's about time, this is nothing new, the market needed some relief, I think this will put us back on track, it would not surprise me one bit to see additional cuts in both Loan and Fund rates prior to the end of the year. Most encouraging to me is the knowledge they are willing to step in if need be.