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Look - we’re all a bit jumpy. But this rumour-driven unease can’t be doing anyone any good.
All through the European morning, we were being bombarded with stories that a cut in Fed funds rate was on its way. An announcement was expected this afternoon, said one. Then it became more specific - Goldman were apparently telling their clients that they’d be a cut announced early afternoon London time.

Perhaps this is Chinese whispers and what the story was actually that US Treasury Secretary Hank Paulson, who used to be at Goldman, would be appearing on CNBC in early afternoon London time to discuss Fed rate cuts and the liquidity crisis. “Goldman”, “Fed”, “cuts” - easy to see how the story got twisted.

Not that it did anyone a lot of good. US indices dropped as trading started after Mr Paulson appeared on CNBC and said that there was no quick fix to the liquidity problem and that it would take time for the repricing of risk to occur.

Another rumour flying was regarding Atticus Capital. A story published about noon on Financial News reported that the hedge fund manger had posted a loss of more than 8 per cent for the first 10 days of August  in its Atticus European fund.

An hour or so later and the story made its way back to us with the percentage loss figure almost doubled.

Which isn’t of course, we hasten to add, to say that the Fed won’t cut rates and that Atticus isn’t sitting on a double-digit percentage wipeout.

But the power of rumours, or is that the power of Buffett, was proven on Tuesday as the WSJ’s Heard on the Street column reported that “some investors” were speculating that the Sage could be a buyer for “parts” of stricken mortgage lender Countrywide Financial was reflected in a tightening of CDS spreads on the company and an almost 6 per cent bump in the share price.

Don’t believe everything you hear out there.