Boston Fed president Rosengren is more upbeat than most, predicting positive GDP growth in the second half of the year for many countries (though Reuters does not say if he includes the US). The Fed he says, will take all necessary actions to stabilize the economy, a formulation the Chairman has used in recent weeks. The Fed could expand its purchases of Freddie and Fannie paper, he added.
EUR/USD is back above 1.2700 with US equities well off earlier lows. The Dow has gone positive a few times this afternoon after reversing losses in excess of 2% earlier in the day. It is now down 0.3%.
