the greatest depression

Central Banks Announce Coordinated Rate Cut

"Who has the world economy on his speed dial? This guy."

After yesterday’s afternoon collapse, the Federal Reserve came through on promises to reduce rates this morning, announcing a half-percent cut. At the same time, the Bank of England, European Central Bank, and the central banks of Canada, Switzerland, China, and Sweden announced rate cuts in a broad move to stave off a (further) global economic crisis. “The committee took this action in light of evidence pointing to a weakening of economic activity and a reduction in inflationary pressures,” the Fed said in a statement after a unanimous vote for the measure. Already European markets are reflecting the move and are stemming losses, and the S&P 500 futures index indicates U.S. markets will open up 2 percent.

Central Banks Coordinate Cut in Rates [NYT]

Central Banks Announce Coordinated Rate Cut