Just in: Another 50bps

The Fed fulfilled expectations and just cut rates another .5%.  What a lot of sensible people were forecasting just a few weeks ago — a fall in the Fed funds rate to 3% over the next 12 months — has taken place in the space of ten days.  Yowza.

And it still probably won't avert a recession.  Well, check that.  Based on what we saw earlier today, the GDP numbers may well get twisted enough in the months ahead so that on paper there's no recession.  Can't have that in an election year.