Skip to main content

The U.S. Federal Reserve, the European Central Bank, and the central banks of Canada, England, Japan, and Switerzland Wednesday announced plans to coordinate their actions to boost liquidity in the global financial system.

The move is designed to ease strains in financial markets and and free up credit to households and businesses, the banks said in a joint statement.

These central banks will lower the pricing on the existing temporary U.S. dollar liquidity swap arrangements by half a percentage point so that the new rate will be the U.S. dollar overnight index swap, plus a half a percentage point. The new pricing will begin Dec. 5, 2011, and the swap arrangements will last until Feb. 1, 2013, the banks said.

In addition, China has cut its bank reserve requirement in an effort to stimulate its economy.

Finally, ADP reports private hiring up by 206,000 in November.

The report showed that private sector employment jumped by 206,000 jobs in November following an upwardly revised increase of 130,000 jobs in October. Economists had expected employment to increase by 125,000 jobs compared to the addition of 110,000 jobs originally reported for the previous month.

ADP noted that the increase was the largest monthly gain since last December and nearly twice the average monthly gain since May.

This could indicate a positive unemployment report on Friday.  

Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags


More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site