The markets were set to open only slightly lower, but the ISM Services report that came out this morning was much weaker than expected. It showed the first contraction in business services in nearly 5 years. This hit the market, and the selloff picked up steam.The fed funds futures increased the probability of another 50 basis point cut at the next FOMC meeting to 100%. The odds of recession have certainly gone up on this report. I have been of the opinion that there is probably only a 50/50 chance of recession, given strength in other parts of[...]
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[Source: The Money Blogs]
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