Hickey and Walters (Bespoke) submit: The continued misery in the credit markets has many on the lookout for an inter-meeting Fed rate cut. However, if last night's comments by St. Louis Fed Governor William Poole (voting member) are any indication, investors shouldn't hold their breath. Some of the highlights include:
"It's premature to say that this upset in the market is changing the course of the economy in any fundamental way."
"No one has called up and said the sky is falling... As I talk to companies, their capital spending plans are intact."
"We're very much in touch with the markets."
On inflation: "moving in the right direction, job is not done."