Fed, ECB, Central Banks Cut Rates in Coordinated Move

“The Fed reduced its benchmark rate to 1.5 percent. The ECB’s main rate is now 3.75 percent; Canada’s fell to 2.5 percent; the U.K.’s rate dropped to 4.5 percent; and Sweden’s rate declined to 4.25 percent. China cut interest rates for the second time in three weeks, reducing the main rate to 6.93 percent.”

The bureaucrats are always a day late and a dollar short, it seems. That’s some incredibly nasty action in the S&P futures (15-min. chart below) and I don’t envy anyone who has to deal with it. You can see that the after-hours trading was nuts and the regular session is simply an “inside bar” which looks to resolve down.