maybe 'panic' is not the right word, maybe 'concerted'
talk out of the US is that the finance chiefs of the G8 are holding an emergency meeting this weekend - one item suggested for discuss is a concerted/unified cut in interest rates
if that is really what will come out of the meeting, then i don't think it is too much of a stretch to suppose that the guys from our RBA were talking to their counterparts in the Fed overnight, just to see if we wouldn't be walking out-of-step with other initiatives coming out of the US and perhaps globally
for now we can only wait and see
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