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Federal Reserve, Bank of China Cut Interest Rates as Financial Crisis Deepens
Federal Reserve policymakers yesterday (Wednesday) reduced the benchmark Federal Funds rate to 1.0%, an aggressive half-percentage-point cut that central bank Chairman Ben S. Bernanke’s latest attempt to keep the widening financial crisis from tipping the world into a global recession.
“The pace of economic activity appears to have slowed markedly, owing importantly to a decline in consumer expenditures,” the Fed said in a statement. “Business equipment spending and industrial production have weakened in recent months, and slowing economic activity in many foreign economies is damping the prospects for U.S. exports.
“Moreover,” the statement added, “the intensification of financial market turmoil is likely…
30Oct2008 | Money Morning | Comments Off | Continued
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