That Alan Greenspan sure is a bunch of laughs, isn't he? He always seems to have another trick up his sleeve. After the Fed's very own March index of industrial production showed an unexpected 0.4% gain, the cognoscenti of the Fed forecasting racket were virtually unanimous in proclaiming there would be no rate cut before the next Federal Open Market Committee meeting. But Greenspan snookered 'em again. The creed of the crafty boxer: Hit when they aren't looking. So the market responded in spades to the 0.5% cut on Apr. 18, although a few cynics pointed out the same thing happened on Jan. 3, only to see the market give back all its gains and then some in February and March.
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