(re-posted with chart shrunk and link added)
I wasn’t too impressed with folks who said that the Fed had, in fact, eased without an announcement. But then I looked at this chart (courtesy of Fred):
Wow, that looks like an easing to me. The lack of an announcement by the Fed suggests that they view this a temporary. They don’t want to announce an easing today, then a rate hike next week. Fair enough. But it sure looks like an easing of monetary policy to me.
(This sounds like a contradiction of my earlier post about the discount rate cut. Can blame you for thinking that I was wrong a few minutes ago.)