The Fed is not just extending liquidity to all and sundry, including now buying commercial paper, but to foreign central banks too, with another nine just added to existing swap lines - though not at anywhere near enough scale, and with one key name (**cough** China **cough**) missing. The ECB have decided to go the full bazooka QE and at this time won't be so worried about how many peripheral bonds they buy, and will also buy commercial paper. The BOE just cut rates again 15bp to 10bp, with a huge increase in QE, including commercial paper. The BOJ is snuffling away too. Sweden's Riksbank is as well.