The Fed chairman fulfills expectations and notches his fifth half-point cut of the year. You may remain worried. Heck, in this CNBC-watching age, even Main Street brightens a bit when the Fed's on the offensive. This potential restraint, together with the possible effects of earlier reductions in equity wealth on consumption and the risk of slower growth abroad, continues to weigh on the economy. In other words, not much has changed since Father Greenback swooped in with his last 50-point slice April 18.
Economic reports are still confoundingly mixed.
Meanwhile, unemployment is still on a steady rise, notching two consecutive months of new job losses for only the 12th time since 1950. So much for that. According to the Fed's statement, it doesn't see much reason to think about stopping. For businesses, Fed cuts do mean debt-servicing savings and cheaper money, and a company that's looking forward to having a few extra bucks around soon is that much closer to actually spending them. And consumers like a lower interest rate as much as anybody.