"Since 1998, every inter-meeting rate cut has been matched by a similarly sized rate cut at the ensuing meeting, " the note says.

FORBES: Confidence Game

The 75 basis point inter-meeting rate cut on Jan. 22, with the prospect of another 50 basis points on Jan. 30, should act as a reset button, mobilizing the reservoirs of existing liquidity and recreating the ultra-liquid investment climate of earlier in the decade.

FORBES: The Punch Bowl Is Back

Meanwhile, South Korea said the North appeared to have cut the inter-Korean phone link at the border village of Panmunjom, through which the two sides communicate on issues along the border.

WSJ: North Korea Declares War Truce 'Invalid'

Separately, South Korea said the North appeared to have cut the inter-Korean phone link at the border village of Panmunjom, through which the two sides communicate on issues along the border.

WSJ: Pressure Rises on Korean Peninsula