The Street Cheers Central Bank Move
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The Fed joined with other central banks to ease pressure on the credit markets Wednesday.
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Jean-Claude Trichet, the president of the European Central Bank , gestures during a press conference at the ECB headquarters in Frankfurt, Germany, on Thursday, March 8, 2007.Comment
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Investors welcomed the decision by central banks in the United States, Europe and Britain to lend billions of dollars in multiweek loans to help lift struggling credit markets.
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Customers at the Big Six banks have been borrowing more with fewer defaults. It&#39;s a winning combination helped along by a buoyant economy, and it&#39;s expected to keep bank profits rising into the future.
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The pound jumped back up towards the 2.02 dollar level, adding to its strength from earlier in the day.
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Stocks rallied Tuesday after the Federal Reserve cut by a half-percentage point a key short-term rate which impacts how much interest consumers pay on debts. The Fed's move reassured investors that it was taking aggressive action amid the credit and mortgage market meltdown.
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The FTSE joining a global rally in stocks inspired by a Federal Reserve pledge to protect the economy from turbulence in world credit markets.
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The European Central Bank is sounding markedly more confident these days than it had earlier this year about the economic recovery in the 12 countries that use the euro.
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The dollar bounces back from earlier lows, amid hopes of central bank intervention to support the currency.
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The central bank's efforts to inject liquidity bolstered investors, keeping Wall Street in the black Wednesday afternoon, but not by much.
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Wall Street moved mostly higher as investors remained upbeat after the Federal Reserveâs interest rate cut last week.
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A joint plan by five central banks aimed at easing the credit crunch in financial markets has been welcomed by UK Prime Minister Gordon Brown.
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A surprise move by central banks to inject huge amounts of cash into money markets has had an immediate effect.
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The Federal Reserve yesterday boosted its key interest rate for the third time in as many months, signaling the economy has rebounded from its recent struggles and inflation remains in check.
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The country's third-largest bank flexes its muscles.
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Shares in troubled mortgage lender Northern Rock rose on a promise by the central bank to back its deposits, but worried customers continued to line up Tuesday to withdraw their savings.
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Economic recovery is gathering speed in the euro zone and inflation prospects are favorable, the European Central Bank said on Thursday as it