Banks coordinate to battle coronavirus
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Banks coordinate to battle coronavirus
1 minute readThe US has cut interest rates in the latest efforts by the central banks to protect the global economy from the effects of Covid-19.
The Fed has cut interest rates by a full percentage point to zero, and has announced it will be buying bonds to pump more money into the economy.
It is part of a coordinated action plan, with the banks of Canada, England, Japan, the European Central Bank and the Swiss National Bank agreeing to help increase the availability of US dollars via swap lines.
Despite all these efforts, many markets opened this morning in the red, with Sterling under pressure against the Euro and the US Dollar.
The British Pound has been steady against the Aussie and Kiwi however, with the Reserve Bank of New Zealand making fresh interest rates cuts as well.
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