Recession of 2009/Timelines

2008, 4th quarter
World
 * The oil price falls. (November US light $60/barrel, down fron July $147 peak).

United States
 * Federal Reserve Bank promises to buy up to $500 billion worth of mortgage-backed securities guarantee by Fannie Mae and Freddie Mac and up to $100billion worth of their direct debt.


 * Federal Reserve Bank cuts its discount rate to 0 to 1/4 per cent.

Europe
 * European Central Bank cuts MRO rate from 3.75% to 2.5"
 * Bank of England cuts bank rate from 4.5% to 2%

Asia
 * China announces a $586 billion fiscal stimulus

2009, 1st quarter

 * US Congress approves stimulus package - American Recovery and Reinvestment Act(H.R. 1) - a $839 billion stimulus package
 * European Central Bank cuts MRO rate to 2%


 * Bank of England cuts discount rate cut- from 2% to 1.5%.
 * banks lent £185 bn under the Special Liquidity Scheme

2009, 2nd quarter

 * Bank of England cuts discount rate to 0.5% and announces £75 billion asset purchase programme (quantitative easing).