NEW YORK (CNNfn) - How can you tell if Federal Reserve Chairman Alan Greenspan has a rate cut on his mind?
Ignore the economic barometers and expert prognostications, say some Wall Street wags. Instead, watch his briefcase.
The theory is that if the Fed chairman is planning to push for a rate cut, he will carry a lot of documentation with him to convince other members of the Federal Open Market Committee. If not, then his load will be light.
Tuesday morning Greenspan's case looked a little heavy. But how heavy? Most of the debate Tuesday didn't center on whether or not the Fed will cut its Federal Funds rate, but how much. It's hard to determine a 0.25-point rate cut load from a 0.50-point rate cut load.
You make the call.