That’s funny, the Fed and the Treasury just announced yesterday they were starting a $200 bln program to free up the asset-backed securities market, an outlet for many “shadow banks” like consumer finance companies to leverage their balance sheets. Brown, in an address to the US Congress, says that the US and a few big countries should not be stimulating the global economy; that everyone needs to pitch in and do their part. He also says a bad bank anywhere is a threat to good banks everywhere.
Cable is consolidating its gains on the 1.41 handle after its rebound stalled at 1.4148 earlier in the session.