The Federal Reserve Wants You To Know:
It is obvious that the Fed has pissed everyone one off with its 25 basis points cut, when almost 99% were wanting 50bp at least. Well, its a lot like kindergarten, howling kids asking for more candies and crayons, well you don't just give them all they want.
The Fed is basically telling all that Federal Reserve won't be bullied, coerced, pressured into doing things that Wall Street or global investors want, no matter how compelling the reasons are.
The Federal Reserve also want us all to know that stock markets is definitely not a top priority, neither is the likelihood of a recession as that is too vague a notion to manage. The Fed wants you to know that they really ONLY look at sustainable employment growth and price stability (keeping inflationary pressures in check) , and after those priorities would they consider long term growth rates for the economy.
The Federal Reserve also wants you to know that their lack of mention of the persistently weak USD should send loud signals to global investors. Weaker USD is a desired thing, but not a free fall. The Fed is not going to bailout every single mistakes from the excesses of Wall Street.
This Fed has a bit more balls and Bernanke is trying to make a stand and create a reputation for his tenure - and succeeding. So, don't go looking to the Fed for Christmas presents. Even though Bernanke has a nice white beard, he's not Santa Claus.