I had to wait for a few hours after the FOMC decision before writing this useless summary - yep - useless. The Fed cuts and statement are being parsed, interpreted and spun like usual - totally useless commentary from people in love with rate cuts. So my thoughts are no different. Useless. My comments about other people’s useless comments are (you guessed it) exponentially useless.

Do you really think that anyone is going to dare say that the cut was bad? Of course, you’ll hear a few that say it should have been more, but for the most part, the bulls don’t risk upsetting the momentum on such an important day (to them.) Just think back to the September 18th cut - same basic bullshit. But does it overwhelm the realities of the troubles we face for slowing growth, credit problems, asset problems, inflation problems, currency problems? Who cares!?!

Listening to some interpretations of the hawkish commentary and hinting that the next meeting would not have a cut, I was treated to the concept that the previous easing did enough already. That this one was just an insurance policy and that the economy was rebounding off September’s decision. Wow! Some have even suggested that the Fed didn’t really mean they wouldn’t cut, but it was just their attempt at gaining credibility. Wow! Besides, don’t we already know that if the market demands a cut, or prices one in, that Ben doesn’t have the balls to upset the markets he has worked so hard to calm? I really enjoy hearing (NOT) interpretations of what the statement meant. And what Hoenig’s dissension meant because we have to believe it had to mean more than just a no vote. It had to be some kind of secret signal to keep us offguard.

Of course, this all just adds to the next drama opportunity when a bad economic report comes out or the next time markets decline and CutThroat needs to “calm” investors by rumoring an intermeeting cut. If you haven’t heard it hundreds of times in the last few hours, the Fed left room for future cuts (not 0% yet) and they will be evaluating future economic reports to remain flexible enough to cut or not cut. Impressive. So what do you get out of listening to what Larry Kudlow thinks of the cut versus Bill Gross versus Bob McTeer or some other smartie?

The market got what it wanted…for now. I didn’t want one thing over the other as my performance at HEDGEfolios is independent of interest rate decisions. And since no one should really be spending time worrying what I think about Fed rate cuts, I’ll stop.