Results tagged “centralbanks”

Speaking at the European Central Bank Central Banking Conference, Federal Reserve Chairman Ben Bernanke said central banks are prepared to continue to work together and do more to help the global economy during the current credit crisis. In his speech, he noted, "The continuing volatility of markets and recent indicators of economic performance confirm that challenges remain. For this reason, policymakers will remain in close contact, monitor developments closely, and stand ready to take additional steps should conditions warrant." Back in the states, retail sales fell 2.8% in October--"the biggest since records began in 1992"--and stocks have dropped 1.6-2.65% this morning.

Stock futures are up 4% after as continued assurances and actions from world governments and central banks. Reuters proclaimed "Money Markets Ease on Unlimited Dollars Pledge," as Britain and Germany are committing "billions in taxpayers funds ...to prop up banks."

The Federal Reserve announced that it was cutting the interest rate to 1.5% from 2%: "The Committee took this action in light of evidence pointing to a weakening of economic activity and a reduction in inflationary pressures."