The market has been under heavy selling pressure all morning, despite the Senate passing the mortgage relief plan last night by a 3-to-1 margin. The European Central Bank left rates unchanged at their meeting at 4.25%. This was expected, but I think they are beginning to realize that despite their misplaced concerns about inflation, the next move for them is to lower rates.I say "misplaced" because this whole credit crunch is a hugely deflationary event. Economic growth is slowing quickly, and inflation will follow suit. Just look at[...]
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[Source: The Money Blogs]
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