So says Mish, here:
In a 45-Minute Salvo today, the ECB cuts rates to a record low 0.75 percent and reduced the deposit rate to zero. Meanwhile, the People’s Bank of China cut their benchmark borrowing costs (the second time in a month), and the Bank of England raised the size of its asset-purchase program.
Also note the central banks of Australia, the Czech Republic, Kazakhstan, Vietnam and Israel cut rates in June, while the Swiss National Bank is buying euros to defend its franc ceiling.
ECB president Mario Draghi said these events were not global coordinated easing.
I am willing to take him for his word. Thus, it's safe to assume that what has transpired was more akin to global uncoordinated panic.
The ECB, Bank of China, Bank of England and the Swiss National Bank are obviously four of the eight big, heavy-hitters which include the US Federal Reserve, the Bank of Japan, the Bundesbank, and the Banque de France.
Given what is happening in those other four economies, I'd say they'll be joining the panic soon enough.
Will it be before summer vacation ends, or right after?
How about Monday?!
