Greed is a stronger emotion than fear

The Federal Reserve last week cut interest rates from 4.25–4.50 percent to 4.00–4.25 percent and will lower rates further at the remaining meetings of the FOMC, the Fed’s policy body. This comes even as financial conditions have already improved and there is still an extraordinary amount of liquidity on the sidelines.

Fresh start

What could hardly be considered a surprise anymore still turned into one. The annual revision of US job growth came in even bigger than expected. As anticipated, it triggered a flood of reactions—though often the wrong ones.