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Fed leads global coordinated rate cut, eases by half-point

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posted on Oct, 8 2008 @ 06:26 AM
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Fed leads global coordinated rate cut, eases by half-point


www.reuters.com

The Federal Reserve led a coordinated round of global official rate cuts on Wednesday, easing by a half-point, as did the European Central Bank, Bank of England and Swiss, Canadian and Swedish banks. In an attempt to stem unprecedented global market turmoil, the Fed cut its key federal funds lending rate by half a percentage point to 1.5 percent and also lowered its discount rate by the same amount to 1.75 percent.

The ECB also cut by a half-point to 3.75 percent as did the Bank of England, taking its rate to 4.5 percent.
(visit the link for the full news article)




posted on Oct, 8 2008 @ 06:26 AM
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I don't think this ever happened before. Now, let's see if this wil stop the stockmarkets form declining. I doubt it, maybe for a short while but I don't expect the markets to start recovery before the US elections. And will take at least months to recover fully, probably a lot longer.

At least I'm not buying yet




www.reuters.com
(visit the link for the full news article)



posted on Oct, 8 2008 @ 06:27 AM
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