Central banks on rate cutting spree!

Central banks in England, China, Canada, Sweden and Switzerland and the European Central Bank have cut rates after a series of high-stakes phone calls over several days between the Fed Chairman, Ben Bernanke, and his counterparts. The International Monetary Fund said the global economy is heading for a recession in 2009 and hiked its estimate of losses from the crisis to $1.4 trillion.

The central banks have acted amid turmoil in the global banking sector to infuse confidence among the investor community.

Image: A wall is decorated with replica of $100,000 notes at the Museum of American Finance.

Also see: Watches with Panchang! | CRR cut will have limited impact on liquidity

Image: Copyright Getty Images. Any unauthorised reproduction is prohibited.