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Banks Agree to Lower Pricing on Temp. U.S. Dollar Liquidity Swap Arrangements

The Board of Governors of the U.S. Federal Reserve System ("the Fed") issued a press release at 8:00 a.m. (Eastern) on Wednesday, November 30, 2011 announcing a coordinated action with other central banks, including the Bank of Canada, the Bank of England, the European Central Bank (ECB) and the Swiss National Bank, "to enhance their capacity to provide liquidity support to the global financial system."

The Fed’s press release was rather vague in explaining that "the purpose of these actions is to ease strains in financial markets and thereby mitigate the effects of such strains on the supply of credit to households and business and so help foster economic activity." But clearly this action is intended to ease the distress that is apparent within the European banking system and in response to the ongoing European sovereign debt/banking crisis.