Is this going to help the markets recover? No.
Oct. 8 (Bloomberg) -- The Federal Reserve, European Central Bank and four other central banks lowered interest rates in an unprecedented coordinated effort to ease the economic effects of the worst financial crisis since the Great Depression.The Fed, ECB, Bank of England, Bank of Canada and Sweden's Riksbank each cut their benchmark rates by half a percentage point.
Is this a good thing for the economy? No.
Is this a good news for your savings and your currency? No.
The unintended consequence of market tinkering is that the yen-carry-trade will have to unfold and lead to a massive delveraging that is going to cost a lot to many players and investors and further sunk the markets.
People who couldn't pay back their mortgages won't be able to do so thanks to a 0.5% decrease rate.
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