in consumer spending and an increase in credit card delinquencies will likely reduce their profits in 2008… that it will reflect a weakening of the US economy due to declining housing starts, mortgage and credit… during the third quarter.” More banks began tightening credit standards in April. Citigroup wrote-off $18… the first half of the year, but the tightening of credit conditions has the potential to intensify… of credit to households and businesses.” The Federal Reserve is expected to again lower interest rates

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