ECB Cuts Rates; BOE Moves to Ease Liquidity
On the same day the US has a “failed” 30yr auction the ECB announces there own $80B of bonds. Were heading ever closer to competitive FX devaluations. This is EUR, USD, and everyone other FX negative.
FRANKFURT — European central banks ramped up their efforts to combat the recession Thursday, cutting key interest rates and pledging to purchase billions of dollars worth of securities, moves that show policy makers’ concerns about the slowdown remain acute despite tentative signs of stabilization in some sectors of the economy.
The European Central Bank, which sets interest rates for the 16-nation euro-zone, cut its key rate to a fresh all-time low of 1% and launched a bevy of new programs aimed at goosing growth across the bloc, including a plan to buy €60 billion ($80 billion) worth of low-risk corporate bonds.
http://online.wsj.com/article/SB124167884631295369.html#mod=testMod
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Commodities/Futures, Currency, Fixed Income/Bonds, Politics | MacroMan | 
May 7, 2009 1:59 pm
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