Barnes and Noble may well be forced into a steep price cut of its ebooks in coming weeks.

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Barclays Capital fixed income strategists suggest in a note to clients that the steep and swift rate cut could mean the government has more information on the local and global economy than they are making public.

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Above the terracotta roofs of the commune of Domaso, terraces have been cut into the steep slope amid clumps of wild asparagus, trails of ivy and fresh-scented mint bushes.

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The steep track on the other side of the bridge looks even worse, cut by even deeper gullies.

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Considering that quantitative easing is effectively the same as an interest rate cut below a zero bound, the yield curve is very steep even with 10-year yields just below 2%.

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"When we cut it to six, I still thought we were climbing a pretty steep hill, " Self said.

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The International Monetary Fund had already projected that the 17-nation euro zone will be in a mild recession this year, and now has warned that European governments need to be careful how quickly they cut back on government spending in an effort to tackle their record government debt, warning that steep budget cuts now will slow growth further and worsen the situation.

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Cooks merged last year with MyTravel, and cut 2, 800 jobs as part of huge cost-saving plans to offset high fuel costs and steep competition.

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