Prominent financial analyst Robert Prechter says he believes the Federal Reserve will make the rare move of implementing an emergency rate cut ahead of its September meeting, reacting to markets reeling in a broad global selloff on Monday.
" STOCKS TUMBLE AS DOW, S&P 500 CLOSE OUT WORST DAY SINCE 2022 He said central banks follow the free market interest rates with an average lag time of five months, and the Fed decided to do the usual lag time despite the fact that the three-month Treasury bill had gone from a 5.5% yield down to under 5.2%. "So they really had a big chance there to lower their Fed funds rate. They didn't take it," he reiterated.
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