Follow through from yesterday.

Credit crunch status – The Fed, ECB and BOE have tamed the worst of the financial crisis for now, but problems are still lurking below the surface. The markets continue to watch for news of losses by big financial institutions, any new investor or depositor runs on financial institutions, or any funding problems by financial institutions or corporations tied to tighter lending conditions and tight conditions in the commercial paper market. The markets are also watching the US housing market carefully to see how much farther the industry may sink and how much spill-over there may be into the general US economy.