Financial & Economic Blog

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It's official. This stock market is being ruled by an almost irrational sense of panic and fear.

You might expect Jim Rogers to be gloating a little bit. After all, the famed investor has been predicting a recession in the U.S. economy for months and shorting the shares of now-tanking Wall Street investment banks for even longer. And with fears of a recession sparking both a worldwide market sell-off and emergency action from Federal Reserve chairman Ben Bernanke, Rogers again looks prescient - just as he has over the past few years as the China-driven commodities boom he predicted almost a decade ago began kicked into high gear. But when I reached him by phone in Singapore the other day there was little hint of celebration in his voice. Instead, he took a serious tone.

Europe's leading exchanges fell in opening trade as the financial sector suffered a renewed bout of weakness on credit concerns, in a market that is also digesting the implications of a Federal Reserve decision to cut US interest rates twice in nine days.

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Treasury prices edged lower Wednesday afternoon after the Federal Reserve announced its decision to lower interest rates in response to growing fears of a U.S. recession.

Uh-oh. The Federal Reserve's decision at 2:15 p.m. just got a little tougher.

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U.S. stock futures drifted lower Wednesday ahead of another anticipated interest rate cut from the Federal Reserve and a report on economic growth that will be closely watched amid concerns of a looming recession.