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Reuters - The extent of Europe’s
infection from the U.S. subprime mortgage virus is becoming
clearer, even as the European Central Bank faces down calls for
it to follow U.S. and UK counterparts by cutting interest
rates.
Reuters - The odds of a U.S. recession stand
at nearly 50 percent amid a spate of data showing a weakening
labor market, signs of more credit tightening and turmoil in
the financial markets, the latest Blue Chip Economic forecast
is projecting.
Investor’s Business Daily - 1 The U.S. has entered a recession that’ll be deeper and longer than recent slumps, said Richard Curtin, head of the Reuters/Univ. of Mich. consumer sentiment survey. Other economists aren’t so sure. Several fed officials have said recession risks have risen, but it’s not a done deal. The ECRI leading U.S. index’s growth rate fell to -7.9%, the worst since the ‘01 recession.
Reuters - The Securities and Exchange
Commission may propose requiring credit rating agencies to
differentiate between corporate bonds and structured finance
products as well as make disclosures around past ratings, the
agency’s chairman said on Friday.