The stock market rose above pre-U.S. downgrade lows during intraday trade on Monday, but immediate fundamentals remain weak and policy makers in Washington seem hog-tied to do much about.
This late rally has helped the overall performance of corn, but soybeans and wheat remain weak.
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In the fourth quarter, demand for PC memory will remain weak but DRAM for mobile devices and servers is projected to keep growing with the introduction of new products and a boom in the smartphone business.
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But they are likely to remain weak, disorganised and prone to desertions and infiltration.
Housing, which has been a drag on the U.S. economy, may remain weak, but Rosen said as far as new home sales and construction goes, the U.S. may be reaching a bottom.
The institutions of a civil society are weak in Egypt but they remain a modest restraint.
But if the euro strengthens and economies remain weak, then the case for a rate cut will gain ground again.
"Global economic conditions are improving but remain fragile, " he said, pointing to weak labor markets, tight credit, and depressed consumer spending.
As of Monday morning, the track looked bad for New Orleans but the forecast called for Isaac to remain a relatively weak Category 1 storm, which is far less likely to swamp the city than a stronger, bigger storm.
But even if rate cuts come later than anticipated the pound is set to remain weak for some time.
America's low rate of inflation and its weak labour market mean that policy needs to remain accommodative, but a modest rise in interest rates would still leave monetary policy extremely loose by past standards, and thus continue to stimulate demand and jobs.
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