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It happened

In a rare move, Global Central Banks lowered their overnight rates. While not having any immediate impact on credit(TED spread near 500), it is nevertheless another sign of how determined countries are to stave off a spiralling recession. it will be interesting to see if the banks lower their prime rate. You can be sure Governor Carney will be pushing the banks to do so.

 The Fed is moving on buying up commercial paper and there continue to be discussions in Washington re stabilizing the foreclosure situation. Watch this closely as any positive sign of establishing a floor for the housing market will have tremendous implications for the markets. 

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