The FED just announced they were not going to cut rates today which is a surprise given what I was hearing in the marketplace. This does not mean they cannot do it tomorrow, or the next day, or…. or. The positive side of this is that perhaps they believe the markets can handle this decision and they have some good news in thier pocket. A cut would have said “things are really bad and we are going to add liquidity”, not cutting does not say the opposite, it just does not send that incremental message. We will see how this is taken by the markets. All eyes still focus on AIG as they really are, too big to fail.