NEWS: Fed cuts interest rates to 1%

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THURSDAY, OCT 30, 2008

Fed cuts interest rates to 1%

The US Federal Reserve cut interest rates by half a percentage point to 1 per cent on Wednesday and announced that it would lend $30bn each to central banks in Brazil, Mexico, South Korea and Singapore to lend on to local banks.

The dollar loans, structured as currency swaps, are intended to help meet intense demand for dollars in these major emerging markets.

The Fedâ€™s rate cut takes US rates down to a level only once equalled before, amid the deflation scare of 2003 to 2004. It aims to offset the sharp recent tightening in credit conditions that threatens to plunge a weakening US economy into a recession. ...

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