"The global economy is sliding into recession" and is making downward
adjustments to growth forecasts, est growth close to zero in the coming
two quarters. They are now calling for -50bp Fed ease on Oct 29 and say
"financial stress (is) expected to linger" so a further 50bp of easing
сould come, bringing the Fed funds rate to 1% by early next year. BOE,
ECB will have to ease even more, they say.