Bernanke issued a statement saying the Fed will use all powers at its disposal to ease credit strains and foster economic growth, but the Fed has stopped short of easing official rates just yet. A move now would be largely symbolic as the Fed funds rate has closed below the 2% target for days running. president Bush is expected to speak shortly and perhaps even sign the bill this afternoon.
Markets are very choppy with the Dow pulling back close to break even before bouncing a bit, now up 75 points. EUR/USD eased toward 1.3800 before a bounce to 1.3850.
