Atlanta Fed president Lockhart says the recent data indicates the US economy is in recession. He says policy responses have been forceful and that now is not the time to be tentative (suggesting more cuts to come?).
The stronger dollar and falling foreign demand will dampen demand for exports, the one bright spot in the economy earlier this year.
Elsewhere, ECB board member Bini-Smaghi says the ECB is not indifferent to near-term economic developments. On balance, both sound pretty dovish.
