If anyone was in a position to understand the consequences of a sharp drop in housing prices, it was the Fed.
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The slowdown was largely due to a sharp drop in electricity prices in April.
And analysts have been raising their estimates recently thanks to a sharp drop in oil prices.
The move comes amid a sharp drop in the prices for the memory powering consumer electronics like digital cameras and media players.
China simply can't afford a sharp drop in housing prices because it will affect investment, which will in turn damp economic growth, Mr. Ren says.
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This reflects a sharp drop in house prices and sales, cutting tax revenues and pushing the budget deficit close to the stability-pact ceiling this year, and probably over it in 2009.
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This, a surge in equity prices and a sharp drop in saving are signs of a bubble.
Australian miner BHP Billiton has reported a sharp drop in annual profits, due in part to weaker commodity prices.
Gold traders are still a bit unnerved by the sharp and rapid drop in Comex gold futures prices that occurred Wednesday morning.
After another sharp drop in financial stocks Wednesday and suggestions by a top Wall Street executive that share prices were being manipulated by short sellers, the Securities and Exchange Commission will try to force hedge funds to disclose their short positions.
But, if Mr Lindsey's bubble analysis is correct, the sharp drop in stock prices he fears might well be followed by economic slowdown, and perhaps a recession.
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