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Before the US stock markets opened this morning, the Federal Reserve announced a plan to buy commercial paper directly from issuers in yet another attempt to unfreeze the credit markets. Although this led to a rally in US stocks, USD/JPY

The Federal Reserve said today that will create a Commercial Paper Funding Facility (CPFF) to help provide liquidity to term funding markets. The Treasury believes this facility is necessary to prevent substantial disruptions to the financial markets and the economy.

We have been warning for some time that "there is no such thing as a safe asset anymore, you have to take a diversified approach to something as mundane as cash." Unfortunately, the current crisis shows that we may be

The Federal Reserve (and the Treasury) have been granted vast new powers under the Troubled Asset Relief Program (TARP), one of which essentially allows the Fed to act as the intermediary in the interbank lending market. This is the market

In currencies, the carry-related pairs focused their attention on the US and European financial fronts. The Fed's effort to address the lock-up in the giant commercial paper market, which has become a key bottleneck in the credit crisis, received an

The US dollar jumped against the yen but fell against the euro on Tuesday after the Federal Reserve's announcement that it will buy commercial paper to unlock the credit market. This morning the Fed announced the creation of a special-purpose

The Federal Reserve announced a plan today to jumpstart the commercial paper market by purchasing 3-month unsecured and asset-backed commercial paper directly from issuers. The plan, which is called the Commercial Paper Funding Facility (CPFF) is a radical departure from

In the US, Bernanke opened the door for a possible interest rate cut in a speech today, saying that the worsening condition of the US economy and the outlook going forward warrants officials to re-think their neutral stance towards monetary

In a speech given today on the subject of current economic and financial conditions, Federal Reserve Chairman Bernanke hinted strongly that a rate cut may be forthcoming soon. "Overall, the combination of the incoming data and recent financial developments suggests

The common currency bounced back from yesterday's sizable losses as the markets remain highly volatile and susceptible to credit-driven dislocations. Traders are eyeing several factors. First, there is some indication that European officials may be inching closer to providing a

The volume of German industrial orders rebounded 3.6% in August. While such a bounce was not anticipated, the trend remains clearly adverse. Orders had declined in each of the eight previous months and were still 6.3% lower than last November.

Stocks were mostly lower Tuesday morning ahead of a speech from Federal Reserve Chairman Bernanke scheduled for 13:15 EDT. Stocks got a boost at the open as the Fed announced a new lending facility designed to purchase commercial paper, which

There was no economic data released in the U.S., but the Federal Reserve hinted strongly that a rate cut will occur on or before the FOMC meeting scheduled for October 28-29. "Overall, the combination of the incoming data and recent