Crisis Update: 3:37pm ET

As of this morning the market had put an 80% probability on a rate cut from the Fed.  The Fed however decided to hold rates steady.  This inaction is not a problem though, as it is the availability of funds at any price, rather than the price of those funds that is the issue.  Shortly after the Fed announcement, the market has rallied.  I suspect this is a sigh of relief to some extent, with the logic being that no news is good news.  The Fed annoucement also indicated that the decision of the committee was unanimous.  Apparently Mr. Fisher has come around to thinking other risks were more pressing than inflation.  More later.