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If this market turmoil forces a US rate cut, the outlook will truly be grim

Janet Yellen

This time last month stock markets were starting an end-of-year rally, cheerfully regarding the US Federal Reserve’s small increase in interest rates as evidence of the underlying strength of the global economy. Now, says William White, former chief economist of the Bank for International Settlements, the situation is as bad as in 2007, the onset of the banking crash.



$1 bill Cut by Scissors

Goldman under pressure, but cost cuts on track

Goldman Sachs reported a higher second-quarter profit on Tuesday, as it benefited from a sharp decline in expenses and more activity in some parts of the fixed-income markets, but most of its businesses came under pressure.