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Thursday, June 26, 2003

Evening Musings-The Fed wound up cutting interest rates to 1% yesterday. This NYT wire piece was a bit off-"Trying to deal a deathblow to the long economic downturn, the Federal Reserve cut short-term interest rates by one-quarter of a percentage point ...." Last I checked, we've started the recovery already, unless Mr. Leonhardt thinks the economy still pointed downward. On a less snarky note, the Fed may have shot its wad on monetary policy; three more 25 basis points moves will have them at 0.25%, the lowest they can go if they keep things in current increments. The economy's going to have to get a move-on witthout Greenspan's help. The NBA draft is tonight. The Pistons are picking #2 and are slated to pick up Serbian big man Darko Milicic- I like Carmello Anthony's quote-"Obviously he must be good. They put him in front of me as the No. 2 pick." I'm not sure what to make of the ACC only adding VT and Miami. Eleven teams will mean home-and-home minus two in basketball and leave them a team short of a football playoff. Might they add a twelth team from elsewhere?

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