ECB, Fed and other central banks in coordinated move to ease liquidity crisis

The US Federal Reserve and European Central Bank along with four more of the world’s major central banks today announced a coordinated move to bolster the liquidity of the global financial system.

The Fed and ECB – along with the Bank of England, the Bank of Japan, the Swiss National Bank and the Bank of Canada – said that they had agreed to lower by 50 basis points the pricing on dollar liquidity swaps.