Back then, there was a secret meeting and the Fed agreed to lower US rates to try to help Europe and thereby deflect capital inflows back to Europe.
The exact opposite unfolded in the aftermath and even more money abandoned Europe and flowed directly into the US share market.
In 1927, the Fed lowered US rates to try to help Europe which was then in the middle of an economic debt crisis the same as today.
It is very curious how history repeats and we have just witnessed the Fed yield to international pressure once again. In doing so, they are condemning US pension funds as well as the elderly to financial doom setting in motion the next financial crisis.