The Guardian - I think there's going to be some disappointment that the cut was only 25 basis points given the fact that we did have a widening of credit risk premia and a widening of the spread between Libor and T-bills leading up to this meeting. By cutting by only 25 basis points, the Fed effectively conveys its sense that recession risks are not as great as what market participants believe. In other words, the Fed sees recession risk as being less than 40 percent whereas the market sees recession risk as at least 40 percent.