来看看6月30日Northern Trust report/>.
注意这句“This suggests that the 2% fed funds rate in the current context does not represent as accommodative a monetary policy as it would if the banking system were willing and able to extend credit to the private sector.” So credit crunch still goes on. I think this could be the true reason behind last month down trend in stock price. Might be. Another thing is this FED raising rate rumor.
Could FED eat its word and lower the rate again? Possible. If so, the stock market will definitely crash. I think FED will play smart this time. First, raise .25% 敲山镇虎， then lower rate again, and again, and again, till 0.5%.
抄底？等再往下down 20%，再看看吧。
