Please note that this is an early (and abbreviated) version of the linkfest.

“The Federal Reserve, essentially, decided to make nobody happy.” (MarketBeat)

Why the markets “snubbed” the Fed. (Big Picture)

Have we entered an era of “no surprises” monetary policy? (Curious Capitalist)

“The Fed does not have sole economic responsibility. Lowering rates does not by itself solve the housing situation.” (A Dash of Insight)

“(W)e do need continued liquidity from the Fed to ensure that the debt deflation scenario doesn’t come to pass.” (Accrued Interest)

The rising prominence (and narrow coverage) of the ABX indices in the subprime mess. (WSJ.com)

The sovereign wealth put is struck far out the money. (FT.com)

Is the credit crunch a “major turning point” for the world economy? (FT Alphaville)

How is Citigroup (C) mopping up its SIV exposure. (Market Movers)

By one measure the U.S. dollar still has plenty of room to “adjust” downward. (Econbrowser)

VIX vs. VXV. (Daily Options Report)

Index funds, the EMH and the irony of free blogs. (Crossing Wall Street)

Research into how much fund alpha comes from industry selection vs. stock selection. (CXO Advisory Group)

If you had any doubt that Google (GOOG) owned the search market. (Silicon Alley Insider)

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