The IMF has introduced a new lending facility worth up to $100
billion to aid developing countries stricken by the financial market
turmoil.

“Exceptional times call for an exceptional response,” said IMF Managing
Director Dominique Strauss-Kahn. “The Fund is responding quickly and
flexibly to requests for financing. We are offering some countries…”

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It is widely expected that the Federal Reserve will cut the
Fed funds rate by 50 basis points to 1.00% on Wednesday, the
lowest level since June 2004. Fed watchers expect the vote to be
unanimous and the accompanying statement to echo the “wait-and-see”
approach seen in previous months.

A joint statement from the
banks read: “Inflation expectations are diminishing and remain anchored
to price stability. The recent intensification of the financial
crisis has…

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The National homeowner vacancy rate rose to 2.8% in
the third quarter, unchanged from the previous quarter, the U.S. Census
Bureau reported on Tuesday.

National vacancy rates for rental housing rates dipped slightly to
9.9% from 10.0% in the second quarter of 2008. The rental vacancy rate
was higher than the third quarter rate last year, coming in at 9.8%…

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The Conference Board’s U.S. consumer confidence index
plunged far beyond expectations to hit an all-time low of
38.0 in October. The previous all-time low was 47.3, reached in
February 1992. More recently, a 16-year low of 51.0 was reached last
June.

The previous month’s headline reading of 56.9 was revised up to 61.4.
One year ago, the index stood at 95.2.

The expectations category tumbled to…

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Economists say the unanimous FOMC decision to cut the Federal funds
target rate by 50 basis points came as no surprise. Many said the
statement is particularly dovish and points to further rate
cuts come December 16.

The accompanying statement said economic activity had decreased
markedly from a decline in consumer expenditure, and noted that
inflationary pressures are expected to stabilize.

Charmaine Buskas, senior economics strategist at TD Securities, said
markets had…

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The Federal Reserve announced Wednesday that it would cut the
Federal funds target rate by half a point, as widely expected, to 1.00%
. The accompanying statement said economic activity had
decreased markedly from a decline in consumer expenditure.

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Federal Deposit Insurance Corp. Chairman Sheila Bair
announced that the agency has created a program to offer economic
incentives to the mortgage industry to amend loans and aid
borrowers avoid foreclosures.

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Weekly mortgage applications in the United States
increased in the week ending Oct. 24, according to data released from the
Mortgage Bankers’ Association (MBA) on Wednesday, which reported a 16.8%
week-over-week gain in applications…

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There is no doubt the U.S. economy is in recession, caused by slowing
consumption spending and excessive debt, said former Federal Reserve
Chairman Paul Volcker on Tuesday.

“I don’t think there is any doubt we are in a
recession,” Volcker said in Miami Beach, Florida. “We should
have seen it coming.”

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Both Reuters and the Wall Street Journal were reporting on Monday that
more than a dozen banks had signed or expressed their intention to sign
on to sell preferred stock in return for government
funds in the last few days.  They join the original nine
financial institutions which signed on to the program at the middle of
the month…

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