Wow. Over the last 24 hours, since my last post, 6 central banks slashed interest rates which brings global policy rates to a new record low.
From the Central Bank News:
Global Monetary Policy Rates (GMPR) tumbled by 350 basis points in 24 hours as the central banks of Kenya, Australia, Belarus, Poland and Georgia cut key rates.Following is the Global Interest Rate Monitor (GIRM) compiled by Central Bank News. The table shows the current average Global Monetary Policy Rate, total rate cuts year-to-date by the 90 central banks followed by Central Bank News plus total rate cuts for 2012 and 2011.
Has all these just been coincidences? 90 central banks cutting rates this first semester doesn't seem so. Surging stock markets and a risk ON environment suggest that everything is fine. But global central bankers seem as getting more and more anxious. Perhaps signs of growing desperation? Why?