The big relief, in Mr Mishkin's view, is that falling house prices translate only slowly into lower spending, so central bankers can soften even sharp house-price declines provided that they cut interest rates early.
U.S. stocks still ended the day with sharp losses, but a last-hour rally cut the deficit in the blue-chip barometer by more than half as professional investors seem to have stepped in and picked up shares dumped by unhappy mutual- and hedge-fund shareholders.
Israel's Derrick Sharp hit a three-pointer midway through the last quarter to cut Spain's lead to four points at 61-57.
Just a minute later, Ronaldo popped up to put Portugal in the lead for the second time with a sharp right-foot effort from just inside the penalty area after Deco cut inside and slid the ball into his path.
Its razor-sharp leaves can maim, and workmen (called jimadores) who cut away the leaves to get at the heart must do a careful dance.
Watford defender Adrian Mariappa made a sharp clearance after Loach had spilled a Taarabt free-kick, while Taarabt played a superb cut-back that picked out Faurlin, who had time to place his shot but wastefully drilled his effort over from 14 yards as the opening half ended goalless.
Bulgaria's prime minister called for a sharp cut in electricity prices and revoking the license of the country's largest foreign-controlled power supplier.
And moments later, it was almost 1-0 to Blackburn as David Hoilett cut inside from the left and drew a sharp low save from Cech.
All nine members of the Bank of England's monetary policy committee voted for this month's half-point emergency cut in rates to 4.5% because of a "sharp deterioration" in the UK's economic prospects, according to minutes of the meeting.
When he pummelled Panesar 10 rows back over the mid-wicket fence, India were in with an even chance but Dhoni cut Anderson to point and Bell accounted for Powar and Chawla with sharp catches at mid-wicket and extra-cover.
Already the export recovery, combined with a sharp cut in imports as domestic demand has slumped, has brought a huge improvement in some economies' current-account balances.
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