by Steven Desmyter
Forbes
We were lucky enough to have the great David Zervos speaking to us at our MAIS conference in Oxford on Wednesday afternoon, just hours before the release of the Fed’s rate decision. There are few who understand the Fed reaction function so intimately or discuss it so eloquently. David suggested that he thought 50bps was a definite possibility, expounding on the reasons that might prompt this deeper cut. Later, over dinner, as we were listening to Tom Holland discussing great historical decisions, news of the 50bps cut dropped. And my phone and those of many others at the conference, looked something like this (posted on our #marketmemes Slack channel by my colleague William J. Ross).