Word: upward
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...upward momentum that seemed to dominate in the afternoon came because of the coordinated action between the central banks of the U.S. - which cut its rate half a point to 1.5% - the E.U., the U.K., Canada, Sweden and Switzerland, which all also cut their key lending rates. The decision, which came ahead of the Federal Reserve's scheduled meeting October 28-29 to debate a rate cut, was on the heels of consecutive drops in major market indices around the world and the belief that, thanks to falling commodity prices, inflation is no longer the markets' major problem...
...challenging one. But when it comes to poor countries, they are more likely to lose sleep over the rising food and other commodity prices than to suffer directly because of the evaporation of some companies in America. In fact, when America’s consumption slows down, the upward pressure on prices of scarce commodities will dwindle. Foreign countries will surely welcome appropriate restructuring of the U.S. economy (American shoppers make growth much easier in a number of countries), but they are not standing on the edge of an abyss; the world is different from two decades...
...dollar and the risk that the U.S. policy response to a slowing economy and investors' aversion to U.S. debt will combine to put pressure on the dollar going forward," says Brad Setser, a former U.S. Treasury Department official now at the Council on Foreign Relations. That would mean further upward pressure on China's currency, the renminbi, at a time when the country's exporters are already hurting from slowing global growth. That in turn could slow growth even further domestically...
...accounts for about two-thirds of the economy. One is a monthly report by the Conference Board, a nonprofit supported by business executives. The University of Michigan publishes a similar monthly survey. During the summer, despite high gas prices and swings in the real estate market, consumer confidence edged upward to hover at a fairly strong level, considering the mounting bad economic signs. The Conference Board put its consumer confidence rating at 59.8 for September, a slight improvement from 58.5 in August. Compare that with the index's nearly 20-year low of 55.3 in 1991, when the U.S. fell...
...personal debt. Over the past five years, Indian banks, finance companies and retailers introduced a Western-style banquet of financial products to the country's rising middle class, whose members began tapping credit cards, consumer loans and installment plans to buy automobiles, washing machines, vacations - all those trappings of upward mobility that the few who could afford them once proudly purchased with cash. The country's central bank estimates that the amount of personal loans held by Indians nearly doubled from 2005 to 2007, to $106 billion; the country's credit-card industry has been growing at an average annual...