Futures are up huge this morning on the FED cutting the discount rate. Its possible that this might be that yesterday was an IT bottom. I don’t want to see a V bottom. If it looks like a V its probably coming right back down to retest the lows before eventually moving higher.

The discount rate is the interest rate charged to commercial banks and other depository institutions on loans they receive from regional Federal Reserve lending facilities. It differs from the key federal funds rate, which is the rate at which private institutions lend to other depository institutions overnight.

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