The European Central Bank just cut the “leitzins” interest rate by three-quarters of a percent to 2.5 percent. This is equivalent to the rate of interest the Federal Reserve plays with in America to try and control the economy. The Bank of England, the Swedish Riksbank (and for sure others soon to follow) are also dropping interest rates. This drastic reduction is going to have an impact on US stock markets today. I don’t expect it will be good.
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I was wrong here. The market only lost about 300 points. With the way things have been going, this wasn’t a big deal.