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Morning commentary

The Fed cut the Fed Funds rate to 1% again for the second time in financial history yesterday and warned of further downside risks to the economy.

 The Q3 GDP in the US surprised by declining only .3% and this will lead to a slide in bond prices.
 Elsewhere, the three month LIBOR rate fell for a 14th straight day, this time by  23 basis points so signs abound of a thaw in the credit crunch.
The  Canadian currency is soaring on the back of a weak US buck plus the uptick in oil prices. 

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