Wednesday, October 08, 2008

Fed joins in global emergency rate cut

Fed joins in global emergency rate cut

Fed joins in global emergency rate cut

The Federal Reserve, working with central banks worldwide, today enacted an emergency interest rate cut, CNNMoney reports. The Fed lowered its key funds rate by half of a percentage point to 1.5 percent. The Bank of England and banks in Canada, Sweden, Switzerland and China also cut key interest rates. The cuts are the latest attempt by governments to end the global credit crisis. developing story

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