Ignored in the U.S. press amid the market's fall Wednesday is this report from London's Daily Telegraph:
The Royal Bank of Scotland has advised clients to brace for a full-fledged crash in global stock and credit markets over the next three months as inflation paralyses the major central banks. "A very nasty period is soon to be upon us - be prepared," said Bob Janjuah, the bank's credit strategist.
The paper reported on another warning from Morgan Stanley, related to the different monetary strategies being pursued by the Fed and the EU central bank.
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