Dallas Fed president Fisher, the hawk’s hawk, is on the wires fretting about the downside, calling the economy anemic and saying it is not growing. He avoided the “R” word, but the message is well received.
Stocks are now down over 700 points, commodities are tumbling and interest rates are at their lowest levels in generations.
EUR/USD fell to 1.3457 on this last push while USD/JPY held 100.25.
On the wires, Berlusconi and Merkel are quoted as saying an EU banking solution is still possible but it will be difficult.
