Reaction to yesteray's coordinated move by central banks around the world to make U.S. dollars easier and cheaper to borrow has been met with a wide range of reactions by market analysts.
Some say that, while the actual impact of the changes will be minor, it was a bold move by the world's best and brightest central bankers that demonstrated their collective resolve in not allowing the European sovereign debt crisis to morph into Lehman 2.0.
Others say that the move will only buy time for the inevitable reckoning due European nations who, for years, have spent more money than they should and that the time central banks purchased may be a lot shorter than it appeared yesterday when stock prices were soaring and bond yields were tumbling.
Given how equity markets are quickly giving back some of yesterday's big gains today, the latter now seems more likely.
But, the best take on yesterday's big dollar swap announcement came from one Cornelius Hurley, director of Boston University's Morin Center for Banking and Financial Law, who, in this Q&A on the subject at Reuters characterized it thusly:
They're basically responding to the looming failure of the European Summit on December 9. They're putting foam on the runway."
Well put.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
