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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.
ECONOMIST: Economics focus
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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.
FORBES: Market Scan
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Israel's Derrick Sharp hit a three-pointer midway through the last quarter to cut Spain's lead to four points at 61-57.
BBC: Spain march into semis