New Concerns in Europe About Credit Fallout - New York Times

New Concerns in Europe About Credit Fallout - New York Times: "The Organization for Economic Cooperation and Development, a Paris-based group of 30 industrial nations, issued a report warning that the credit crisis had dimmed prospects for economic growth, especially in the United States. It scaled back its growth forecasts for many leading economies and urged central banks to keep interest rates stable and low to stem further damage. And it recommended that the Federal Reserve consider trimming its benchmark interest rate by a quarter of a percentage point when it meets on Sept. 18. “You cannot rule out a recession” in the United States, said Jean-Philippe Cotis, the O.E.C.D.’s chief economist."