China Cuts Rates, Europe Central Banks Open Vaults
Central banks in Europe said they were ready to put billions of dollars into the financial markets to ease the current credit crisis. According to The New York Times, "The central bank said it was “ready to contribute to orderly…
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Central banks in Europe said they were ready to put billions of dollars into the financial markets to ease the current credit crisis.
According to The New York Times, "The central bank said it was “ready to contribute to orderly conditions in the euro money market” and that it would lend as much cash as banks wanted at its benchmark interest rate of 4.25 percent."
At the same time China cut interest rates for the first time in six years.
Bloomberg reports that "The People’s Bank of China reduced the one-year lending rate to 7.20 percent from 7.47 percent."
Those actions plus a promise by the Fed to provide emergency fund may put a net under the US markets when they open.
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
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A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
