Thursday, October 09, 2008

RBC reports on the global interest rate cuts of .5% - unprecedented!

The Federal Reserve, Bank of England, Bank of Canada, ECB, Riksbank and Swiss National Bank all cut policy rates by 50 basis points in an unprecedented co-ordinated move on October 8.

Heightened financial market stress that weighed on equity markets and saw LIBOR rates, a proxy for funding costs, spurt higher prompted policymakers to act in an effort to resurrect investor confidence and shore up the financial system.

The numerous actions to-date by governments and central banks across the globe have elicited little joy but, given the magnitude and persistence of these interventions, we expect they will begin to ease strains in financial markets.

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A. Mark Argentino
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