Open

Coming up

Don't miss

Replay


LATEST SHOWS

DEBATE

Gaza: How to Stop the Spiral? Israel Readies For Ground Offensive (part 2)

Read more

DEBATE

Gaza: How to Stop the Spiral? Israel Readies For Ground Offensive

Read more

FOCUS

Ireland's missing babies casting light on a dark history...

Read more

WEB NEWS

World Cup 2014: Germany-Brazil inspires the Web

Read more

THE INTERVIEW

Boutros-Ghali: 'I wanted to reform the UN'

Read more

IN THE PAPERS

57 000 little problems

Read more

IN THE PAPERS

The Sarkozy 'threat'

Read more

BUSINESS DAILY

Budget challenge for India's new government

Read more

DEBATE

Africa's Newest Failed State: How to Stop Civil War and Famine in South Sudan? (part 2)

Read more

  • French companies will have to accept anonymous CVs

    Read more

  • Germany asks US intelligence station chief to leave country

    Read more

  • Death toll rises in Gaza as militants target Israeli cities

    Read more

  • Video: Muslims in China confront obstacles to Ramadan fasting

    Read more

  • Tour de France passes WWI Chemin des Dames battlefield

    Read more

  • Senegalese man awarded French visa in gay marriage debate

    Read more

  • Israel steps up airstrikes as diplomacy gets under way

    Read more

  • Argentina beat Netherlands on penalties to reach World Cup final

    Read more

  • Foiled French jihadist ‘targeted Louvre and Eiffel Tower’

    Read more

  • Obama in Texas to urge congressional action on child migrant crisis

    Read more

  • Iraq’s heritage 'in danger' from ISIS militants

    Read more

  • Froome crashes out of Tour de France

    Read more

  • South Sudan independence heroes ‘have lost their way’

    Read more

  • 100 years on, the Tour de France returns to the Western Front

    Read more

  • Dozens of blindfolded bodies found south of Baghdad

    Read more

Fed cuts key lending rate to 1%

©

Text by AFP

Latest update : 2008-10-29

The US Federal Reserve cut a key interest rate by a hefty half-percentage point in a fresh bid to prevent the ongoing credit crisis from tipping the United States into a deep and prolonged recession.

The US Federal Reserve cuts its key lending rate half a point Wednesday to 1.0 percent in the latest move to ease a credit crisis that is strangling the US economy.
   
The cut in the federal funds rate followed an emergency half-point cut earlier this month coordinated with other central banks to help ease a worldwide credit crunch.
   
"The pace of economic activity appears to have slowed markedly, owing importantly to a decline in consumer expenditures," said the Federal Open Market Committee headed by Ben Bernanke after the unanimous decision.
   
"Business equipment spending and industrial production have weakened in recent months, and slowing economic activity in many foreign economies is damping the prospects for US exports. Moreover, the intensification of financial market turmoil is likely to exert additional restraint on spending, partly by further reducing the ability of households and businesses to obtain credit."
   
The statement said the range of actions by the Fed and other banks to help get credit flowing "should help over time to improve credit conditions and promote a return to moderate economic growth."

Date created : 2008-10-29

Comments

COMMENT(S)