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From Karim:

Plosser offers qualified support for rate cuts—he voted against the last 2 rate cuts in March and April.

“….prepared to back further interest rate cuts if the financial crisis causes the economic outlook to deteriorate, provided that renewed monetary easing can be judged consistent with containing inflation.”

French economic ministry- denial of Irish Times report that stated that French government was about to mirror Irish government move on deposits from this week behind latest drop in Euro.

ADP down only 8k but has grossly overestimated payrolls in recent months.

Challenger layoff announcements rise from 11.7% to 32.6% y/y in September.

Citi now calling for possible 50 basis point rate cut in UK next week.


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