The Federal Reserve injected another $75 billion of liquidity and key rates pulled back from troubling levels.
The U.S. money-market interest rate remained elevated for a third straight day after spiking to a record 10% on Tuesday.
The Fed needs to cut rates today to calm the overnight lending business and ensure higher rates don’t harm other parts of the economy.
President Trump was once again spot on when he said the Fed needs to do more. If the Fed doesn’t cut rates today, even after having to inject more than $120 billion into markets over the last 2 days, it will be the biggest mistake the Fed has made in the last decade.