No shelter from the American storm - by Louise McBride
The $300bn wiped off European stock markets last Monday was sparked by fears of a recession in the US. To inject some confidence into the markets, the US Federal Reserve -- essentially, the US Central Bank -- cut its interest rate by .75 per cent. This -- the biggest single Fed cut in over 20 years -- was a clear signal that the US economy is in trouble. So is the US heading for a recession, and if it is, what could be the fallout for Ireland?
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