Yesterday six central banks announced coordinated effort to provide liquidity to the global financial system. Check out this press release. Does it sound familiar?
Today, the Bank of Canada, the Bank of England, the European Central Bank (ECB), the Federal Reserve, the Bank of Japan, and the Swiss National Bank are announcing coordinated measures designed to address the continued elevated pressures in U.S. dollar short-term funding markets. These measures, together with other actions taken in the last few days by individual central banks, are designed to improve the liquidity conditions in global financial markets. The central banks continue to work together closely and will take appropriate steps to address the ongoing pressures.
But this release wasn’t from yesterday. It was from September 18, 2008.
Here’s the chart from that time. The S&P jumped 100 points in two days…then got clobbered. I’m not predicting anything here…just reminding you to keep an open mind.
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