Wednesday, Jan 30, 2008
Aggressive move to try to keep the US out of recession.
FT: Fed cuts rates by 50 basis points
The Federal Reserve on Wednesday cut interest rates by a further 50 basis points to 3 per cent, in an aggressive move to try to keep the US out of recession. The 50 point reduction, hot on the heels of the unscheduled 75 basis point cut last week, takes the total reduction over the past eight days to 125 basis points. It reflects concern that a negative feedback loop between the financial system and the economy could be spreading from housing to other sectors.
Posted by jack c @ 07:41 PM (243 views) Add Comment
2 Comments
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1. alan said...
Gold just hit a record.
Any surprises?......No.
2. planning4acrash said...
My surprise is that gold didn't rise further. Either intervention to keep it low, or a 3/4 to 1/2 cut was priced in already and the markets sat still.