Tim Russell calls for end to US rate cuts

Cazenove UK Absolute Target manager sees fall in commodities as only silver lining in "deepest recession" story

Cazenove's Tim Russell is calling for a halt to interest rate cuts in the US as we enter what he calls one of the deepest recessions of our lifetime. The UK Absolute Target manager said unprecedented liquidity, bailouts and short-selling bans have not been enough to stop markets plummeting, with falls in commodities the only good news. "The recession we are already in will probably be the deepest of our lifetime and the chances of a V-shaped recovery have to be remote," he added. "Deleveraging cannot be anything other than a painful process. We hope the authorities in the US do not cu...