A strange thing happened after the Federal Reserve, the US central
bank, announced its sixth rate cut of the year: nothing. Before and
after the other five rate cuts this year the stock market reacted
with gusto. This time, there was hardly a flicker of recognition.
That is how it should be. Interest rate cuts aren't there to
provide immediate and false relief to the stock market; they don't
have the power suddenly to make bad corporate earnings disappear,
or to reverse the losses suffered by millions of investors, retail
and institutional,...
