Weekend Economists Chart the Bradbury Chronicles, June 8-10,2012

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51. Banks fail to deliver on growth for markets

http://www.irishtimes.com/newspaper/finance/2012/0609/1224317566195.html


However, the failure of the European Central Bank and the Bank of England to deliver on the market’s hopes – and Federal Reserve chairman Ben Bernanke’s lack of explicit commitment to further policy easing – ultimately left the markets disappointed.

“Co-ordinated policy intervention remains as elusive at this stage of the crisis as at any previous juncture in the last three years,” said Ralf Preusser at BofA-Merrill Lynch.

Instead, the week’s most significant policy move came from an unexpected quarter as the People’s Bank of China cut interest rates for the first time since 2008.

The decision came in response to recent signs of deteriorating growth in the world’s second-largest economy.