Last night there was a rather significant move by the US Federal Reserve and it was not the change in interest-rates via a 0.25% cut. In some ways it in fact shows the impotence of interest-rate cuts in these times and takes us back in time to around 2009. As so often with really significant things you had to look for it as it was not in the initial statement so here is Chair Jerome Powell. Accordingly, at today’s meeting, the Committee decided to initiate purchases of shorter-term Treasury securities (mainly Treasury bills) for the sole purpose of maintaining an ample supply of reserves over time……As detailed in a ... (full story)