| 1 | The markets greeted the first cut with a sneer. | |
| 2 | The cut was good news for homeowners. | |
| 3 | In fact, some economists wonder if an interest-rate drop will help. | |
| 4 | The Fed was cutting rates to 3%; they knew it was coming but not today. | |
| 5 | In buying so much debt, they drove down the interest rate Washington had to offer, which in turn made credit in America cheap. |