Maintaining target rates isn't a bail out.
Yes it is. They should have let the market sort itself out.
Time to buy calls on the cheap........
Fed fund futures point to emergency Fed rate cut
By Steve Gelsi
Last Update: 7:56 AM ET Aug 10, 2007
NEW YORK (MarketWatch) — Fed fund future prices suggest the U.S. Federal Reserve will be forced to do an emergency inter-meeting rate cut within the next week, Merrill Lynch analyst Joseph B. Shatz said in a note to clients late Thursday. Fed Funds futures appear to be pricing in a substantial risk that the Fed may make the move after a series of recent events, including a move by the European Central Bank to inject $130 billion into banks. On Friday, the European Central Bank injected 61 billion euros ($84 billion) in a tender auction.
Yes they meet the target rate but had to flood the market to do it.