CPI came in as expected at -0.1% at the headline level and up 0.2% at the core.
goldman sachs beat the Street’s earnings estimates but the stock is down about $10. Not a good day to own financial shares (again).
Former Dallas Fed president McTeer is on the CNBC downplaying talk of a rate cut today, blithely looking past unprecedented financial turmoil. In recent history the Fed cut to offset the systemic risk from a single hedge fund. How about the failure of a premeir investment bank and a global insurance giant in the same week? I subscribe to the KISS philosophy: Keep it simple, stupid. Do what you’ve always done in times of stress…