Wow! Biggest cut since May 1992.
No one saw this coming. The stock market is up over 200 points from the lows of this morning and the Aussie $$ has been smashed. Do they know something we don’t?
Statement from the Reserve Bank is here.
Meanwhile the various European governments are squabbling like schoolchildren about individual countries breaking ranks and guaranteeing depositors. And last night some major commodity producers lost up to 25% of their market capitalisation in one session. Opportunities for the brave……