Rapid deterioration led Fed to go it alone: Kohn

The deterioration in money markets was so rapid that the Federal Reserve last Friday did not have time to coordinate a joint announcement of liquidity measures with other central banks in the same way as last December and which had such a favourable effect on market sentiment, Vice-Chair Donald Kohn has said.

Kohn, who was attending a Banque de France conference when the measures to inject an extra $140 billion were announced on Friday 7 March, told Central Bank News: "Markets were deteriorat