1. Federal Reserve cut its forecast for the U.S. economy.
2. Former Fed Chairman Alan Greenspan said banks are still in peril, warned U.S.
banks will need to raise “large” amounts of money and “we still have a very serious
potential mortgage crisis.”
3. Standard & Poor’s cut the U.K.’s AAA rating to “negative” from “stable” for the first
time.
4. Participants generally expected that strains in credit markets and in the banking
system would ebb slowly, and hence the pace of recovery would continue to be
damped in 2010.
5. The global economy’s “free fall” may have ended, which could in turn hurt the U.S.
dollar, Nobel Prize-winning economist Paul Krugman said.
6. “I view the Chinese agitation about a new currency as basically an attempt to have
somebody rescue them from their own investment decision,” Krugman said.
“China bought too many dollars. Now it’s looking at it and saying, ‘we’re going to
lose a lot of money on this investment’.”
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