Thankfully no pandering to panic-mongers, but rates likely stuck on hold now until 2008.

The current crisis isn't a repeat of Long Term Capital Management, but it rhymes.

The Fed cleverly addressed the needs of beleaguered markets, without launching new helicopter drops of money on the broad economy.

For the Fed, easing the market's pain means not easing policy.

No recession. No deflation. Was this even a correction?

Despite a seemingly overwhelming consensus, it's still too early to take rate cuts for granted.

There are other tools for the job. In fact, when easing expectations rise, stocks go down.

We still think it's an open question, but either way stocks and inflation plays will do well.

Let us be the last to say so -- the Fed will cut rates on September 18. But that doesn't mean recession, or a prolonged easing cycle, is around the corner.