Markets Await European Central Bank News Conference (CNBC via Reuters) "The European Central Bank kept interest rates on hold on Thursday at a policy meeting expected to see it keep unlimited liquidity operations in place for longer as the euro zone debt crisis rages unabated. But the ECB is unlikely to announce mass new bond purchases at a 1330 GMT news conference, despite growing speculation that it could rush through new anti-crisis measures, including government bond buying on a much larger scale."
Fed May Be ‘Central Bank of the World’ (Business Week via Bloomberg) As analysis of Fed data begins to trickle in, the global ramifications of the Fed's policy actions during the height of the 2008 crisis have been called into question. Particularly the assistance granted to non-U.S. financial institutions: "Federal Reserve data showing UBS AG and Barclays Plc ranked among the top users of $3.3 trillion from emergency programs is stoking debate on whether U.S. regulators bear responsibility for aiding other nations’ banks. UBS was the biggest borrower under the Commercial Paper Funding Facility, with $74.5 billion overall, more than twice as much as Citigroup Inc., the top U.S. bank recipient, according to the data released yesterday.
London-based Barclays Plc took the biggest single amount under another program that made overnight loans, when it got $47.9 billion on Sept. 18, 2008."