From the FT:
Fed leads co-ordinated central bank move
The US Federal Reserve has slashed the rate it charges other central banks for access to dollars in an effort to counter a deepening credit squeeze in the eurozone that threatens global growth.
MARKETS SURGE AS FED/ECB/BOJ/BOE/SNB/BOC ANNOUNCE COORDINATED INTERVENTION
(Bolding in quote is mine)
All the world’s central banks have just announced a big coordinated intervention to lower swap rates.
It’s not a solution to the euro crisis by any means; it just means that the most acute liquidity problems will be mitigated for now.
The market is loving the news.
Y’all knew something like this was coming, right?
Last time this happened was back in mid-Sept.