FRANKFURT (Reuters) - “The U.S. Federal Reserve is not rushing to cut benchmark interest rates because it wants to break investors of the view that the central bank is there to bail them out, an article in the Wall Street Journal said on Thursday.

Officials acknowledge the perception of bailing out investors exists and if allowed to grow, could erode the credibility they need for keeping inflation low and encourage lax attitudes toward risk.

They hope that taking time to weigh the economy’s need for rate cuts will help discourage investors from thinking Fed officials are overly concerned with falling asset prices.”

We’ll see. This was through Greg Ip, a well-known mouthpiece for things the Fed wants to say but can’t. So it is credible, in the sense that I believe that is what Bernanke might think today, but I doubt that he has the political courage to stick to it. He’ll find a way to cut at the September 18th. meeting.