Global markets are falling despite coordinated action by the Federal Reserve and other leading central banks to keep dollars flowing around the financial system after banks collapse. Follow the latest updates here 👇
e tunning and rapid takeover of Credit Suisse, orchestrated by Swiss authorities Sunday, took one giant, wobbling domino off the table. Hours later, a group of central banks from around the world boosted the movement of US dollars through the global financial system to keep loans flowing to households and businesses and support the world's major economies.
Some regional banks have teetered on the brink over the past week, with anxious customers pulling tens of billions of dollars in cash from the smaller banks and placing them with bigger institutions that are better capitalized. Many other banks, the identities of which will likely remain unknown for quite some time, sought emergency loans from the Federal Reserve over the past week. Banks borrowed a record $153 billion from the Fed's discount window last week -- a last-resort option for banks to gain quick access to cash.Those loans do not indicate anything inherently wrong with the global banking system.
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