Credit Suisse/Tremont Hedge Fund Index Estimated to Finish Up 0.30% for December, Bringing 2008 Estimated Performance to -18.80%
New York, January 12, 2009 Early estimates indicate the Credit Suisse/Tremont Hedge Fund Index (“Broad Index”) will finish up approximately 0.30% in December (based on 74% of assets reporting).
Prompted by concerns with deflation, on December 16th the US Federal Reserve lowered the central Fed Funds rate to a range between zero and 25 bps, the lowest level since 1954. The move points to an expanded role by central banks, with the Fed announcing it would use “all available tools” to promote economic growth, including shifting troubled assets from private to public balance sheets by purchasing agency debt and mortgage-backed securities. The Fed’s announcement of its quasi-zero interest rate policy (ZIRP), was followed by the Bank of Japan cutting its overnight lending rate from 0.3% to 0.1%, and announcing that it would buy corporate debt for the first time. Other countries that implemented rate cuts included the European Central Bank, the UK, China, Switzerland, Australia, Taiwan and Korea.
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