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European Central Bank (ECB) Drops Rate to 2.0% as Europe Falls Further into Recession
The European Central Bank (ECB) today (Thursday) cut its benchmark interest rate by half a percentage point to 2.0%, an acknowledgment that the Eurozone economy is rapidly deteriorating amid the global financial crisis.
“Looking further ahead, we continue to see global economic weakness,” ECB President Jean-Claude Trichet said in a statement. “The euro zone should over time reap the full benefits…of policy measure announced over recent weeks.”
The ECB, which prides itself on its hawkishness, has now shaved 2.25 percentage points off its key rate since October, as the financial crisis has broken down economies throughout the region.
The Eurozone – the…
16Jan2009 | Money Morning | 0 comments | ContinuedTop Federal Reserve Officials Predict Weak Second Half; Warn Growth May Not Return Until 2010
Two top U.S. Federal Reserve officials on Friday predicted a weak second half for the U.S. economy, warning that strong U.S. growth may not return until 2010.
Atlanta Federal Reserve Bank President Dennis P. Lockhart and Chicago Fed Bank President Charles L. Evans both said the U.S. central bank is in no hurry to start raising rates while the American economy is sputtering badly because of an ongoing global financial crisis, a sagging housing market and inflationary pressures caused by a yearlong run-up in food-and-energy prices.
Indeed, Lockhart even said he wouldn’t rule out actually cutting interest rates if economic circumstances warranted…
18Aug2008 | Money Morning | Comments Off | Continued
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