Nonetheless, these papers are encouraging – at least to the further consideration of the use of cyclical policy tools – and this literature, which also includes more theoretical analyses of such policies, is a vibrant and growing one that should yield useful insights in coming years.6  4  See Committee on the Global Financial System (2010), “The Role of Margin Requirements and Haircuts in Procyclicality” (PDF), CGFS Papers No.
It will be a difficult time for reading and forecasting the domestic economy, and all this will take place against the backdrop of an international economy dominated by the uncertainty of the unfolding events in the United States. Markets, as always, will be looking for guidance.