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September 25, 2022
BUSINESS

Fed, ECB offer aid to global financial system

The US Federal Reserve and European Central Bank along with four more of the world’s major central banks – Bank of England, the Bank of Japan, the Swiss National Bank and the Bank of Canada – announced a coordinated move to bolster the liquidity of the global financial system, CNN informs. The Fed and ECB said that they had agreed to lower by 50 basis points the pricing on dollar liquidity swaps. The move is designed to make it easier for banks around the world to trade in US dollars. Global stock markets rose sharply after the move was announced this lunchtime. “The purpose of these actions is to ease strains in financial markets and thereby mitigate the effects of such strains on the supply of credit to households and businesses and so help foster economic activity,” a joint statement said.

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