Today's breaking financial news is the emergency Fed rate cut. While a Fed rate cut doesn't normally have a lot of influence on mortgage rates, today's dramatic cut of 0.75 percent may bring mortgage rates lower.
More importantly to many, however, is whether or not the Fed emergency rate cut will help the economy. According to Reuters, Treasury Secretary Henry Paulson thinks the emergency Fed ratecut will help:
"This is very constructive and I think it shows this country and the rest of the world that our central bank is nimble and can move quickly in response to market conditions," Paulson said.
Others, however, are not so sure. While the stock market did arrest its fall briefly, some are rather spooked about the market, and worried that a recession is inevitable, no matter what the Fed does. Regardless, stocks are going to be rather volatile for days to come.
Comment Preview