Monday Blues: Fed Moves Bigly and Stocks Slump

From marctomarket.com

The Federal Reserve and central banks in the Asia Pacific region acted forcefully, but were unable to ease the consternation of investors. The Reserve Bank of New Zealand cut key rates by 75 bp. The Bank of Japan appears to have doubled its ETF purchase target to JPY12 trillion, and the Reserve Bank of Australia is preparing for new measures that will be announced Thursday. The Fed returned to the zero-bound, resumes long-term asset purchases, and took other measures to boost funding for banks. The price of accessing the dollar-swap lines the Fed keeps with several major central banks was halved to 25 bp over ... (full story)