We all heard Bernanke's and Paulson's testimony last week, in which we all sensed a tendency to cut rates even more, as they are themselves are trying to avoid recession in any possible way, trying to stimulate growth levels without paying any attention to the problems that might result from it, this week we have more on the policy stands, and we have some indicators on what the cuts have done to the economy.

The minutes of the last meeting will be the main issue in the markets, investors again will try to find any hints or comment that confirms the fed's next action, while we have minutes from the BoE meeting as well to confirm their prospects for growth and inflation, and we have as well the minutes from the BoJ that will clarify Fukui's last decision and what's the new administration decision might be…

We have important data as well from inflation data represented by the consumer price index, and housing data from housing starts to building permits, and those will reflect the positive effects and the negative ones of the rate cuts…how good it did to the housing market and how bad it did to inflation levels.

Let's set and relax and enjoy the ride this week, and let's try to take more hints on what is called recession in the U.S. economy.