Fed, other countries cut rates
Friday, August 29th, 2008Fed, other countries cut rates
Untitled DocumentWednesday, Oct. 8
Posted 8 a.m. Eastern
Fed, other central banks cut rates
The Federal Reserve announced a half-point interest rate cut in a coordinated move with other central banks in Europe. The move was widely expected, particularly following Chairman Bernanke’s remarks yesterday, which gave the green light to an intermeeting interest rate cut.
The Fed has been working to ease the stalemate in interbank lending in two ways: making additional credit available, and now reducing the cost of that credit. Will it work? The jury is still out.