"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.