So last week's unexpected interest-rate cut by the Fed was of direct help to Argentina.
The monetary tightening that this represents more than offsets the ECB's last interest-rate cut in March.
Troubled businesses and retailers might have expected that the encouraging news on inflation would open the door to another interest-rate cut.
ECONOMIST: The Bank is in no hurry to raise the price of money
China's interest-rate cut shows that its government, too, has room for manoeuvre.
ECONOMIST: Emerging countries are not the havens some people thought
Two years of declining prices have made apartments more affordable to ordinary Chinese, while an interest-rate cut in June has reduced mortgage costs.
Hopes of an interest-rate cut had faded as the Federal Reserve made it plain that inflation, still stubbornly high, topped its list of worries.
The interest-rate cut in Europe was widely expected given the economic climate there, with new strains becoming apparent even in Germany, the continent's economic powerhouse.
Those factors point to the possibility of an interest-rate cut, and Bernanke dovishly raised the prospect of one, but investors seem to have grown tired of waiting.
In Sydney, meanwhile, banking stocks advanced after quarterly inflation data appeared tame enough to keep hopes alive for an interest-rate cut from the Reserve Bank of Australia.
Following the latest interest-rate cut, the housing ministry has also lowered the costs for home buyers of borrowing from a government fund, which is aimed at supporting first-time purchasers.
"It will probably take more than one interest-rate cut to put the economy on an upward trajectory, " said Howhow Zhang, head of research at Shanghai consulting firm Z-Ben Advisors.
On January 5th rumours swept Wall Street that derivatives losses had brought Bank of America low, and that the interest-rate cut had been intended to keep this bank alive.
Despite weakness in the financial sector, stocks started slightly higher Tuesday morning in New York, as Federal Reserve policymakers sat down to discuss the economy and a possible interest-rate cut.
"It also accentuates the chance that an interest-rate cut will come at the next Bank of England meeting in February, " says Roger Bootle, managing director of the consultancy, Capital Economics.
All the same, the usually predictive Fed-funds futures market is pointing to another interest-rate cut of half a percentage point at the Fed meeting at the end of this month.
Membership in the euro area leaves the country monetarily at the mercy of the ECB, which seems determined to maintain a hard line on inflation, and thus to resist calls for an interest-rate cut.
Meanwhile, with the bailout assured, investors are expecting a bit of turbo power behind it with an interest-rate cut from the Federal Reserve, which currently is targeting a 2.0% annual interest rate on overnight money.
Investors are also weighing the prospects for an interest-rate cut or other action by European Central Bank officials scheduled to meet Thursday, following another wave of disappointing economic data from the euro zone in recent days.
The Federal Reserve America's central bank has got much of the credit for ensuring that last year's recession was mild, and with the interest-rate cut announced last month it has demonstrated its willingness to try to nudge the recovery along as much as it can.
Minutes from the latest meeting of the Federal Open Market Committee, the central-bank panel that sets interest-rate policy, indicate a rate-cut idea has been around for a while.
The Federal Reserve, confronted with a global stock sell-off fanned by increased fears of an American recession, cut a key interest rate by three-quarters of a percentage point on Tuesday, the biggest one-day move by the central bank in recent memory.
There are fat profits to be made, even though the maximum interest rate that consumer-finance firms may charge was cut from 40% to 29% in 2000.
Thursday's interest rate cut, designed to combat a three-year debt crisis, will not stimulate economic growth in the bloc, they say.
The figure is still above the ECB's target to keep inflation below 2%, but the lower-than-expected number could fuel calls for an interest rate cut next week.
Then in September, the Fed cut its key short-term interest rate for the first time since 2003 by one-half percentage point from 5.25 percent to 4.75 percent.
MPC, together with Mr King's prominence as a dissenting voice, reinforces the view that the reduction in rates to 4.5% in early August might be the Bank's first and last cut in this phase of the interest-rate cycle.
Economists also expect the Federal Reserve to cut even further the short-term interest rate, now its lowest in decades.
The Federal Reserve cut a key interest rate by a quarter-percentage point Tuesday to 4.25 percent in an effort to buoy a U.S. economy battered by tighter credit and a continuing mortgage crisis.
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