Positive vibes
There have been a few glimmers of hope emerging from some of the preliminary economic data, and the stock market has certainly reacted favorably. This is, of course, good. But it will be some time yet before Main Street starts to experience that positive vibe that has recently invaded Wall Street.
New data show the recession gripping Europe as being worse than previously reported. And as bad as the fourth quarter of 2008 was, the first quarter of 2009 may have been worse. The ECB has become a bit more aggressive, but so far the magnitude of the downturn exceeds the scale of the policy response.
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