by Chuck Butler
Daily Pfennig
Good Day… And a Tub Thumpin’ Thursday to you! We had some stuff going on yesterday that moved the markets, and there’s more in store for today, as the European Central Bank (ECB) is meeting while I write! I’ll start today’s letter with a GREAT BIG HAPPY BIRTHDAY to my good friend Rick Baur… And Pink Floyd greets me this morning with their song: Shine On You Crazy Diamond, which is a 17+ minute song with 7 parts to it! I love Pink Floyd’s music.. It’s great headphones music, if you know what I mean..
Front and Center this morning, The Reserve Bank of New Zealand (RBNZ) surprised the markets with a 25 Basis Points rate cut last night. I told you going into yesterday that the call to cut rates or not was 50/50, and that the recent kiwi strength was not going to make RBNZ Gov. Wheeler very happy…