Tuesday, August 11, 2009
Substance or Accident?
Today US and Asian stock markets fell and wavered in fear before the meeting of the US Federal Reserve, making clear the anxiety of the markets regarding a US rate hike. The question as it appears to me though is, did the fear and retrenchment accidentally send a message to the Fed, or was the fear and retrenchment the message itself? Standing from the outside, the substance and accident of the phenomenon cannot be readily differentiated.