Foreign Banks Step in While the Fed Remains Reserved
By Heath Tudor on Friday, August 10th, 2007 :: 11:25 amCategory: Financial News
As the S&P and the DOW continue to falter, foreign banks pump billions into US markets to help alleviate the subprime market fallout. The European Central Bank loaned roughly $83.6 billion on August 9, 2007 while other foreign banks such as the Reserve Bank of Australia and multiple Asian banks also added billions of dollars. The swift reaction to stabilize current economic conditions continues speculation on when the Federal Reserve might lower interest rates. Many Wall Street analysts speculate the Fed won’t react until unemployment increases, but they concede the Fed would almost certainly act if the stock market continues to suffer.
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