The Fed's Global Plan

The Fed and four of the world's top central banks-the Bank of England, the European Central Bank, the Swiss National Bank and the Bank of Canada-are moving toward injecting cash into money markets. In today's announcement, the Fed says it will establish a temporary Term Auction Facility, in which "the Federal Reserve will auction term funds to depository institutions against the wide variety of collateral that can be used to secure loans at the discount window. " The first two auctions, one scheduled for Monday and the other December 20, will inject up to $40 billion into the markets.
And with the news, markets are up...
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