The Federal Reserve cut the key US interest rate by a full half point this AM. Even China has cut their interest rates trying to stimulate their slowing economy.
Keep in mind that this rate is not directly tied to mortgage rates. It does however have an immediate impact on short term money loans such as credit cards, home equity lines of credit, etc.
As Bank of America continues to be the white night of several institutions, it will be interesting to see how the next few years impacts them. From what I understand, at least their acquisitions are being made via cash, not leveraged buyouts!
It will be interesting to see what the Feds do during their regularly scheduled meeting on October 28-29th.
What would a bank statement be these days without a disclsoure, so "The US Treasury Secretary, Henry Paulson, is no known relation to me, Jim Paulson".