There's some more news on the global interest rate front this morning. First, the European Central Bank cut its benchmark rate by 50 basis points to a record low 1.5%. Second, the Bank of England reduced its benchmark rate 0.5% from 1% and announced it will buy as much as $211 billion
in government and corporate debt as part of a quantitative easing program. This is full-scale monetization
, something that is almost unprecedented in a modern, advanced economy. Long-term U.K. debt prices surged
, helping drive U.S. bond prices up as well.