Central Banks

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The Bank of Canada cut its key lending rate to 0.25 percent on Friday in an unexpected move. This is the third 50bp cut in just 2 weeks in response to Coronavirus panic. BOC also launched first QE and a commercial paper program.

The Swiss National Bank in response to the Coronavirus Pandemic set up a refinancing facility and deactivated the counter-cyclical buffer for Swiss Banks Tuesday. The SNB announced new packages to attempt to protect the Swiss economy.

The Federal Reserve launched QE infinity Monday, establishing TALF for open-ended Treasuries, MBS and corporate bonds in amounts needed. Fed followed up last week's surprise rate slash and expanded QE as Cornoavirus damages the economy.

The Reserve Bank of Australia cut interest rates on Wednesday to 0.25%  The second 25bp cut in March  to a historic low. RBA to buy govt bonds in secondary market across yld curve.

The Federal Reserve in a surprise move Sunday evening slashed rated 1.00% to zero after an emergency meeting  with Jerome Powell as Chairman.  Fed expanded QE $700 Billion on Cornoavirus damage to economy. The Fed corinated the move with other central Banks

The Bank of Canada cut its key lending rate to 0.75 percent on Friday in an unexpected move. This is the second 50bp cut in a week by the BoC in response to Coronavirus panic. The Toronto Stock Exchange had it's biggest fall 12% in 80 years yesterday.

The Bank of Japan has followed up the earlier emergency statement by Governor Haruhiko Kuroda saying the BOJ will buy 500bn yen of JGBs in an unscheduled repo operation, an unexpected liquidity boost.

Fed Chairman Powell gave an unannounced speech Friday afternoon in response to the fear and loathing over the coronavirus on Friday. After record highs just over a week ago the Dow had been hit by over 1000 points three days in a row.

Richmond Fed President Tom Barki peaking at Harvard on Thursday said that the US economy moving along at a very good pace with reduced trade uncertainty. However he is mulling if the US has necessary tools to weather a downturn.

The Reserve Bank of Australia held interest rates in February at a historic low of  0.75 per cent. RBA said given long lags in monetary policy, decided to hold steady

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