WORLD CENTRAL BANKS ON 'RED ALERT'

Jon Hilsenrath, the world's best central bank reporter, says that the conclusion from this week is that the world's big central banks (the Fed and the ECB, natch) are on 'red alert' over the state of the US economy.

Expectations are now high that Mr. Bernanke's Federal Reserve and Mr. Draghi's European Central Bank will act soon to address those worries. But both face immense tactical and political challenges and neither has a handbook to follow.

See full report here.