Economist Ian Shepherdson at HFE says rate cuts were "a co-ordinated
show of force" due to ntensifying market turmoil. He predicts more cuts
to come: "The playbook to avoid depressions says rates need to be as
close to zero as possible, banks have to be rescued, public spending
has to rise and free trade must be maintained." He calls for Fed funds
to be lowered to 1% by yr-end and 0.5% by Q1:09.