Press Release Summary: First Prime Group – Federal Reserve may cut interest rates to boost confidence.
Press Release Body: First Prime Group traders are apparently witnessing increased speculation on the possibility of a cut in the Fed Funds rate in the absence of a ratified bailout package from the US government.
The record near-800 point drop in the DJIA following US Congress’ rejection of the bailout package has galvanized opinion among market traders that the Federal Reserve may ease interest rates in an effort to reassure markets.
First Prime Group sources believe that if a rate cut is on the cards, it will come during the next few days rather than at the next FOMC meeting in October.
Confidence in the financial system has reached an all-time low and, according to the First Prime Group source, there is a growing possibility that foreign US Treasury bondholders may begin to sell their holdings.
First Prime Group have largely avoided treasuries preferring the safety of commodity stocks and ETFs.
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