Here Come the Earnings
Why is 2008 starting to feel like déjà vu?
So far, New Year's on Wall Street has done little to douse last year's smoldering recessionary sentiment, and next week's earnings news, economic data and Federal Reserve speakers are likely to fan the flames.
The new year began with a slew of economic data that, for many economists, pointed to recession. Telltale signs included a contracting manufacturing sector and a dramatic jump in unemployment. But the weakness also pushed open the door for the Fed to continue lowering interest rates -- a path that market participants thought might have been abandoned when oil prices hit $100 per barrel last week.
"The risk of recession is rising sharply," writes Nigel Gault, U.S. economist at Global Insight. "At least a 25-basis-point rate cut by the Fed on Jan. 30 is a cast-iron certainty, and a 50 basis point move is now a strong possibility," he continues.Friday's
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