ICYMI - A snippet via the news wires overnight from Capital Economics:
- Fed needs to do at least a verbal intervention to calm down financial markets
- Fedspeak might avoid an emergency rate cut
- "At this point it's really about restoring market functioning--they could damp things down with a few well placed verbal interventions, it wouldn't necessarily require inter-meeting cuts."
- says interest rate cuts between meetings "can backfire if the market thinks the central bank knows more than they do"
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We did get some soothing remarks from Fed officials on Monday US time:
- Fed's Daly says minds are open to cutting rates in coming meetings
- More from Fed's Daly - monitoring labour market indicators carefully
There are plenty more talking heads available if needed
