Six central banks move to keep credit flowing worldwide after two big institutions collapsed.
Central banks have moved globally to keep credit flowing after an unsettled period in the US banking sector and the Credit Suisse merger.
The announcement said it served as an "important backstop to ease strains in global funding markets" and to lessen the impact on the supply of credit to households and businesses. The announcement of "co-ordinated action" by six of the world's biggest central banks shows how serious is the more general nervousness about the fragility of the global banking system.
The bigger picture is, as I have said before, that rapidly rising interest rates were always going to set off some ticking timebombs under some institutions, and in some murky corners of the financial plumbing, where the players had started to become a little too reliant on very low interest rates. This is now happening.
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