One of the more significant, if largely underreported events from last Friday, was the Fed’s surprising announcement that it would conduct a closed meeting tomorrow, April 11, at 11:30am “under expedited procedures” during which the Board of Governors will review and determine advance and discount rates charged by the Fed banks.
This is notable because the last time such a meeting took place was on November 21, less then a month before the Fed’s historic first rate hike in years.
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The financial news today is past disturbing. Gold is up $12.60 an ounce on a Sunday night. Venezuela, Brazil, Japan, Italy and Puerto Rico are on the edge of collapse. Austria announced a 54% bank bail-ins. China’s economy is imploding. Got Faith?
David DeGerolamo
