Fed Joins Global Rate Cut, Trims Rate 50 Basis Points
by Tom on October 8, 2008
in Market Musings, banks
Central banks around the world Wednesday cut interest rates amid mounting losses in financial markets, as the credit crunch continued to seize up lending.
The Federal Reserve lowered its federal funds rate a half a point to 1.50 percent. It also lowered its discount rate as well. The Fed, whose decision was unanimous, last cut rates a quarter point in April.
via Fed Joins Global Rate Cut, Trims Rate 50 Basis Points – Economy * US * News * Story – CNBC.com.
Remember, a cut in short term rates (what the Fed controls) doesn’t necessarily translate to a cut in long term rates.
I’ll post updated rates as soon as I get them this morning.
