• The ECB cut interest rates by 25 basis points to 1%. The widely expected move is the second cut in 2 months for the bank. In a conference call later today Mr. Draghi is expected to announce other options for the bank to enhance liquidity in the system. From Bloomberg News.
• The Bank of England stayed the course as the Monetary Policy Committee voted to maintain bond purchases at 275B pounds through February of 2012, and left its benchmark interest rate at .5%. The actions were widely anticipated. From Bloomberg News.
• Jon Corzine appears before the House Agriculture Committee today. In addition to showing remorse, he’ll try to explain the reasoning for his outsized bets in euro zone debt. He’ll also face a lot questions about oversight, including his interactions with the board and regulators leading up to MF Global’s demise. From the Wall Street Journal.
• With copper futures prices down 20% year-to-date, the metal is flashing serious warning signals for the U.S. economy. From the Wall Street Journal.
• Long-term fund flows at U.S. mutual funds ended November down $9.2B for the final week. Equity outflows accelerated to a negative $9.6B on the week ended November 30th. The outflow data continued a relentless trend, even as equity markets showed strength at the end of the month. From ICI Data.