A Limited Sphere of Influence?

Fed Chairman Ben Bernanke can sway markets. The deal market, however, is largely unmoved by changes to the interest rate

March 2008

Following the Martin Luther King Jr. holiday, the domestic stock market was primed for a steep fall. Thanks to the Fed's quick action, the stock market nearly made back its losses, and most traders and pundits rejoiced. Dealmakers, however, barely blinked.

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