The half point drop surprised me, but it will be a tough act to follow.  Given the tempo they have now committed themselves to, 3% would not surprise me in the least.  At current rate cuts, we would be there in 3-4 meetings, which would be about next March.  Really, that is not too far away.  If the Fed decides to stretch out this easing cycle, it would take them the better part of next year to get to 3.0%.  It would be over seven meetings, which is nearly a full year of meetings for the Fed.

The question is, will the economy pull up before a recession, given this stimulus.  I don't think so, but who knows?  If the Fed gets crazy with the stimulus, it could be soft landing material I have to admit.