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Fed to the Rescue ... Again

Fed to the Rescue ... Again

Just when it seemed that U.S. stocks were heading for a third down day on Thursday after hitting new all-time highs early in the week, the Fed came to the rescue once again. This time around, New York Fed President John Williams said in a speech that "it's better to take preventative measures than to wait for disaster to unfold." Essentially, Williams appeared to be advocating a swifter and more aggressive approach to cutting interest rates than what had previously been expected. Stock indexes had been falling deeper into the red on Thursday before Williams' speech but quickly reversed and moved higher on this new sign of enhanced Fed dovishness.