The Fed's Cred Is Dead!

With stocks down more than 200 points, and commodity markets moving significantly higher across the board today, the Federal Reserve's credibility at fighting inflation is rapidly waning, if not already dead. The Dow today has set a new low for the year 2008, and sentiment is poor. Even with economic data released today that was fairly good, stock index futures sunk even lower. Despite the similarity to the 15 minute chart above, this second chart (below) is the daily one for the Dow. It reveals the true gravity of the situation.
Nearly every commodity chart today, from crude oil to corn, is substantially higher following what is now perceived as yesterday's weak Fed inflation-fighting statement. This last screen capture shows the daily chart for the broad-based Rogers Commodity TRAKRS futures, which reached a new all-time high price today.