Financial markets remain under considerable stress, and tight credit conditions and the deepening housing contraction are likely to weigh on economic growth over the next few quarters.

金融市场仍然面临很大压力，从紧的信贷环境，房价的下降，有可能在接下来的几个季度妨碍经济增长。

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The ECB recognises that "tight credit conditions" remain for many companies.

BBC: Europe: a cautious rate cut

September's retail figures reinforce the position that consumers will keep cutting back on spending as jobs continue to vanish, credit stays tight, housing stays down and broader macroeconomic conditions remain difficult, despite the recent drops in food and energy prices.

FORBES: Market Scan

"Global economic conditions are improving but remain fragile, " he said, pointing to weak labor markets, tight credit, and depressed consumer spending.

FORBES: Detroit