Ben Bernanke had a holiday weekend to watch the meltdown in global equity markets and to panic about how the storm would hit the US. Rather than wait, the Federal Reserve chairman acted pre-emptively, bringing forward the aggressive 75 basis point interest rate cut that would otherwise have arrived next week.
The biggest inter-meeting rate cut in Fed history served as a circuit breaker against the threat of a vicious cycle down in the markets. For now.

