The Federal Reserve yielded to international pressure, making the very same mistake that it made during 1927. Back then, there was a secret meeting and the Fed agreed to lower US rates to try to help  Europe and thereby deflect capital inflows back to Europe. The exact opposite unfolded in the aftermath and even more money abandoned Europe and flowed directly into the US share market.

In 1927, the Fed lowered US rates to try to help Europe, which was then in the middle of an economic debt crisis the same as today. It is very curious how history repeats and we have just witnessed the Fed yield to international pressure once again.