King

The Fed may have a credibility problem, but like everything else in the world, it's relative. "Parity" headlines were plastered all over the financial pages Tuesday, as the specter of a deep German recession magnified the euro's problems, sending the common currency to a new two-decade low (figure below). Analysts speculated on the prospects for an overshoot (e.g., to 0.95), while others insisted parity would almost surely trigger a bounce on profit-taking and psychological factors. To say