In the currency market, the dollar edged lower against the euro. Late Monday, the euro was trading at $1.275 vs. $1.2712 on Friday. China’s state-run news agency, Xinhua, said that the government’s stimulus program will “will loosen credit conditions, cut taxes and embark on a massive infrastructure spending program in a wide-ranging effort to offset adverse global economic conditions by boosting domestic demand.”

Wall Street firms may have to eliminate as much as 35% of employees, reports Bloomberg.

The culprit? The end of the boom in leveraged lending and the dwindling pace of mergers and acquisitions.

Wall Street has already axed more than 34,000 jobs since the credit crisis kicked off last July, the most jobs lost on the Street since the dot-com bubble popped in 2001.

In my recent article, “The FED’S End Run,” I wrote this: Beginning late Friday evening, March 29, we have been in the midst of an end run by the Federal Reserve System around Congress. The FED is about to be given authority to regulate the nation’s largest non-commercial financial institutions, including stocks and commodities.