The global credit crisis and the US economic upheavals that are driving it appear to have entered a new, more dangerous phase.
Last week's relentless spate of tribulations for the world's financial markets, culminating in an emergency bailout of Bear Stearns, the stricken investment bank, marked a scary escalation of events.
Little wonder, then, that the markets are pinning their hopes on tomorrow's meeting of the Federal Reserve for some respite from the deluge of grim news, and a further restorative dose of interest rate cuts.
Wall Street is hoping that the Fed's latest tonic will come in the form of another aggressive three-quarter-point reduction in official rates, and perhaps even a cut of a full percentage point. The Fed will very probably fulfil these expectations.
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