LIBOR Rate Continues to Climb
The cost of credit for those institutions fortunate enough to even find a lender willing to offer loans continues to climb as the London Inter-Bank Offered Rate (LIBOR) records its largest single-day increase.
British PM Meets with Bank of England Governor
Prime Minister Gordon Brown met with Bank of England Governor Mervyn King to discuss the economic crisis amid rumors that the Monetary Policy Committee is set to reduce U.K interest rates.
Stock Futures Move Upwards on Belief that Tara II Will Pass
Speculation that Congress will ultimately pass some form of the Troubled Asset Relief Act (TARA) pushes up stock futures signaling a rally after yesterday’s record-setting losses.
Dexia Bailout Pushes Down the Euro
Confidence sagged in the eurozone economy yesterday as news broke over a 6.4 billion EUR bailout to save Dexia SA – one of the largest banks in the eurozone. The bailout – engineered by France and Belgium – underscores the depth of the credit crisis as it spreads across the global markets.
Pressure Grows on the Fed to Act Now
With Congress set to reconvene on Thursday to discuss options for reviving the Treasury’s rescue plan, the Federal Reserve faces increasing pressure to implement immediate emergency actions.
