The World Is Desperate for Increasingly Scarce Dollars

What at the beginning of the year many thought was impossible, this week it happened. The Federal Reserve cut rates for the first time since December 2008, even though you could have counted most if not all FOMC officials in that other group. Trying to reconcile this drastic change with a backdrop of the unemployment rate hovering near a 50-year low, it just doesn't appear to make any sense.