Banks cannot live on Fed alone
The financial markets have got what they wanted: the Federal Reserve is almost certain to cut rates next week, probably by 50bp. But that will not cure the markets’ problems — banks need to come clean about all their nasty exposures.
The release of far worse than expected non-farm payroll employment figures in the US sent shockwaves through financial markets on Friday.
The markets consensus expectation of a gain of 118,000 jobs was shattered by a drop of 4,000 and a revision downwards of the previous two months totals
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