Wall Street awaits Fed&s next move

2007-08-20

MARKETS. The Federal Reserve may have thrown Wall Street a bone Friday by lowering the rate it charges banks, but if this week’s housing market data and corporate headlines portend more gloom, it may have to toss another.

So far, Wall Street, beset by fears that credit problems in mortgage and corporate lending will cripple the economy, has been stubbornly signaling to the central bank that it wants a bailout.

This week is light on economic data, so it’s improbable that the market will garner any lasting direction from upcoming govern-ment reports. One piece of data that will be widely watched, though, is the Commerce Department’s Friday report on new home sales and prices.

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