Central Banks Slash Rates

Last week, Joellen Perry in the Wall Street Journal announced: "Central Banks Deliver Sweeping Global Rate Cuts." But Perry warned, "However, Reductions May Be Losing Impact as Turmoil Continues."

The Financial Times' Dave Shellock reported "A series of aggressive interest rate cuts by European central banks failed to lift the mood in financial markets yesterday as investors continued to fret about the global economic and corporate outlook.

"Government bond yields on both sides of the Atlantic touched historic lows, credit spreads remained at distressed levels and oil prices fell, leaving equities struggling to gain traction."