Not terrible and no worse than expected. How’s that for a ringing endorsement of the U.S. economy? The latest revision of figures on the growth rate of the U.S. economy in the second quarter, released this morning, show the economy growing at a 1.7% annual rate. That’s up just slightly from the previous revision that showed a 1.6% annual growth.
The Irish crisis deepens—at least as judged by spreads on Irish government bonds. Yields on Irish government bonds hit records on Tuesday, September 28.The immediate cause of the jump in Irish yields was an announcement that on Thursday the government will unveil a plan to pump more money, a projected $6.7 billion, into Anglo Irish Bank
Bloomberg is reporting this morning that European central banks have bought Irish government bonds in an effort to prevent bond prices from sliding further and setting off panic selling in the debt of Ireland and other peripheral euro economies such as Greece and Portugal