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Hallelujah: Coordinated Global Rate Cut

By
Title Insurance with Hallmark Abstract Service LLC

Hallelujah: Coordinated Global Rate Cut

Coordinated Rate Cut Move By The Central Bankers

As I said as my closing line to my blog yesterday, if only we could get the EU to cooperate with the global financial crisis that we are going through. This morning as I write this (7:00 AM EST), the U.S., Canada, Britain and the EU cut rates 50 bp in a coordinated move to loosen the flow of credit around the world.

This came on the heels of close to double digit drops in the stock markets in Asia (10%+ in some and close to 20% in some of the Russian stocks), and close to double digit drops in the European markets. The announcement sparked an immediate rally in Europe with those markets moving into positive territory, and in US stock market futures that had been down large and are now up large.

The TED Spread is currently at 3.75% which is still not a very good number, and the VIX which closed at 53.68 should drop a decent amount, at least at the open.

For the rest of the story, please visit The Commercial Mortgage and Political Hotline at http://commercialmortgagehotline.blogspot.com

 

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Michael Haltman, Partner
Hallmark Abstract Service LLC
131 Jericho Turnpike, Suite 205
Jericho, New York 11753
516.741.4723 (P)
516.741.6838 (F)
mhaltman@hallmarkabstractllc.com
 
 


 

Comments (2)

Ron Wysocarski
Wyse Home Team Realty - Port Orange, FL
CEO, Pricing Specialist

Good to see some commentary first thing this morning. I agree that the spread is not a great number, but we are seeing some attempt to right the ship. Keep up the good work.

Oct 07, 2008 11:59 PM
Michael Haltman
Hallmark Abstract Service LLC - Jericho, NY
At HAS The Title Is Always Cleared!

Appreciate it.  Thanks.

Oct 08, 2008 02:33 AM