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G10: Coordinated rate cuts
Wed, Oct 8 2008, 16:03 GMT
by Kasper Kirkegaard, John Hydeskov
- - Today, the central banks of the US (Fed), the UK (BoE), Canada (BoC), the euro zone (ECB), Sweden (RB) and Switzerland (SNB) announced a coordinated 50bp rate cut.
- - Below are our initial thoughts:
- - The coordinated action is a strong signal that the central banks are now working together to fight the financial crisis and support the global economy. We expect further rate cuts from all participating central banks over the coming year as they work to fight the economic downturn.
- - Should the crisis continue we could see further coordinated action, as the global authorities are committed to fighting the crisis by all available means.
- - Reduces the risk of "Scenario 1": Prolonged financial crisis, global recession and no improvement on credit and money market (see FX Crossroads: Financial crisis - Three scenarios for global markets).
- - Reduces the probability of coordinated actions at the upcoming G7 meeting.
Published on Wed, Oct 8 2008, 16:08 GMT
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