Legal Research

Banks cut rates

By Dallas Association of Law Librarians

Fed, ECB, Central Banks Cut Rates in Coordinated Move (Update5)
By Scott Lanman
Oct. 8 (Bloomberg) -- The Federal Reserve, European Central Bank and four other central banks lowered interest rates in an unprecedented coordinated effort to ease the economic effects of the worst financial crisis since the Great Depression.
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The Fed reduced its benchmark rate to 1.5 percent. The ECB's main rate is now 3.75 percent; Canada's fell to 2.5 percent; the U.K.'s rate dropped to 4.5 percent; and Sweden's rate declined to 4.25 percent. China cut interest rates for the second time in three weeks, reducing the main rate to 6.93 percent.
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Full post as published by Lex Scripta on October 08, 2008 (boomark / email).