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Goldman's Jan Hatzius has just killed his outlook for the remainder of the year, said there is a 33% chance of a recession and is now looking forward to some QE3 announcement next week. www.zerohedge.com...
"As foreshadowed in recent publications, we have lowered our US real GDP growth forecast to 2% (annualized) through 2012Q1 and 2½% thereafter. We now see the unemployment rate edging up to 9¼% by the end of 2012, and see a one-in-three risk of renewed recession. On the monetary policy side, we expect no rate hikes or changes in the size of the Fed's balance sheet until 2013 or later; moreover, we now expect the FOMC to provide more guidance about the future size of its balance sheet at next week’s meeting."
Recall that 3 weeks after last year's such downgrade, we had a rather unpleasant announcement at Jackson Hole. Deja vu.... all over again.
Originally posted by Rockpuck
I have not seen volatility like this is a while, at least 2 years..
Exchange's Volatility Index (VIX) rose some 25% to over 40, effectively doubling in value over the past week. VIX trading patterns continue to indicate investor expectations that the stock market will weaken further and VIX will rise above 42.50 before October.
The volatility of VIX, which is an important measure of the S&P 500 Index's perceived movements, suggests VIX should move 8.5% each day. That the VIX is up 25% near 40 shows just how panicked investors actually are as they react to the first-ever reduction of the U.S. credit rating to AA+ from AAA.online.barrons.com...
Standard & Poor's may downgrade the long-term credit rating of the U.S. once again in less than three months after sending shockwaves through the bond and stock markets by stripping the nation of its top notch triple-A rating last week, according to an emergency Sunday night conference call for clients of Bank of America Merrill Lynch.
"We do expect further downgrades," said Ethan Harris, North American economist, on the call. "We doubt the newly appointed bipartisan commission will come up with a credible long-term deficit reduction plan. Hence by November or December we would not be surprised to see S&P downgrade the debt again from AA-plus to AA..."
Originally posted by irishchic
OMG...are y'all watching this unfold???? Ht down 600 point for a few seconds...can't breathe,LOL!
SO good to see a few of the "oldies" here....this is epic and happening very quickly!
Is there any kind of possible turn around with the F-up Fed geting in the mix tomorrow?
Wild ride doesn't begin to tell this tale...
NEW YORK (AP) -- The Dow fell below 11,000 and investors poured into Treasurys in the first trading day after Standard & Poor's downgraded American debt. finance.yahoo.com...