Ben Bernanke Will Cut Rates (But He Won’t Feel Good About It!)

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That’s really it. Bernankes and the Federal Reserve want to say no to an interest-rate cut this week but are apparently too scared of what a bunch of (what sound like really intimidating) traders (if you’re a puss) will do if they don’t. But they’ve got a plan! In order to make it look like the Fed’s in control, Ben will, yes, give in to a cut, but will, in addition, not promise any future ones. It’s almost as though those guys wrote the book on how not to be made someone else’s bitch, isn’t it? Also, even though no one was asking for the overshare, Bernanke went there twice in the last week, noting how “challenging” it is to make policy, and saying that he’s “doing the best [he] can*.” Not as good a job as Greenspan would do, according to Greenspan, but definitely his personal best.
Bernanke, `Reluctant' to Cut Rates, May End Up Doing So Anyway [Bloomberg]
*moment of truth: I made that last one up, but 10-1 he was thinking it.

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