It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
(visit the link for the full news article)
The Federal Reserve has ordered an emergency interest rate cut of a half a percentage point to cope with the worst financial crisis since the 1929 stock market crash.
Fed Chairman Ben Bernanke and his colleagues ratcheted down their key rate by 0.5 percent, to 1.5 percent. The action revives the central bank’s rate-cutting campaign which had been halted in June out of concerns that those low rates would worsen inflation. Since then, however, economic and financial conditions have dangerously deteriorated, forcing the Fed to reverse course.
Originally posted by dingleberry77
Just so you all know, Australia's Fed cut our rates by a whole 1% today. It's happening everywhere. Although Australia seems to be controlling things...for now.
Consumer confidence plunged the most in more than two years, with the Westpac-Melbourne Institute consumer sentiment index diving 11%, or 10.2 points, to 82.0 in its October reading.
Originally posted by infinite
The Federal Reserve is considering ZIRP (Zero Interest Rate Policy), just like the Bank of Japan did during the 90s banking crisis.