Tuesday, September 24, 2002 10:41:51 AM
10:35 ET Market helped by Fed? : Hearing some talk that the market's resilience this morning is due in part to hopes for a Fed rate cut today. As we noted in our 7:26 comment, the admittedly small chance of a rate cut could indeed promp some buying today; traders might look at it as a low risk gamble: since no rate cut is expected, the downside isn't that great, while the short-term upside is quite good in the event of a surprise move. We still don't expect Fed action, but it's believable that some are taking a flier on it.
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