Portfolio manager Axel Merk comments on the Federal Reserve's emergency rate cut to High Yield Report.
" ... market observers were skeptical that the move would have a long- term effect on market liquidity. 'It's a panic reaction,' said Axel Merk, manager of the Merk Hard Currency Fund. 'We've had years where the market went up and up and up. The market is overdue for a correction. The lower Fed rate is not a cure to the problems we have in the credit market.'"
