This is the big question of the day.
As you know, the US Fed today established a target range for the federal funds rate of 0 to 0.25%, effectively cutting its key rate for overnight lending to banks by between 0.75% and 1%.
This is the kind of event that history books (ebooks) will be writing about 100 years from now. I’m not going to bother reporting on it, as you can find a great write-up here and here.
Rather, I’d like to provide some meaningful insight from some of the world’s brightest financial minds. Apart from my own 
I’ll continue to update this post throughout the next 24 hours as I scan great bloggers and writers, so make sure to keep checking back.
Mohamed El-Erian, Co-CEO & Co-CIO of PIMCO
Mohamed El-Erian, Co-CEO & Co-CIO of PIMCO was on CNBC today (Fast Money) and, amongst other things, he stated as follows:
Why is this different from Japan? The Fed is acting earlier and more aggressive than Japan’s central bank. In addition, US banks have taken write-downs far earlier than Japanese banks. Nonetheless, he says we still have to be careful about unintended consequences.
….more to come