Here it is from the horse's mouth--or at least the Federal Reserve Board. In this interest rate cut announcement, the Fed speaks in quiet, formal terms. So the drama and unusualness of this move don't jump off the page. But the reverberations have already been heard around the world and will continue to do so--at least until the calls come for the next rate cut. Actually, such calls have started already, but this is probably enough change for the Fed for one day.
--Noel Rubinton