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The US subprime problem will not be catastrophic because central banks andmonetary policy have become more sophisticated and anticipatory. Sources of USeconomic growth have also broadened due to the change in forces shaping the globaleconomic structure. One of the most important forces is the rise of China
The US Federal Reserve's (Fed) move to cut its funds target rate by 50 basis points marks an interest rate easing cycle for the US economy but that is not necessarily so for other global economies.
Global stock markets rallied Wednesday in the wake of Wall Street's overnight surge spurred by the U.S. Federal Reserve's larger-than-expected interest rate cut.
Panic follows mania as night follows day. The credit crunch from the subprime crisis, which broke early August has spread at a manic pace, impacting supposedly safer markets and asset classes.