Wednesday, October 8, 2008

Global Rate Cuts

In an unprecedented move, central banks around the world joined together to coordinated rate cuts in another attempt to stabilize the global economic market. The U.S., which dropped their federal funds target (the rate banks charge each other for overnight loans) by half a percentage point to 1.5%, was joined by the European Central bank as well as Britain, Canada, Sweden and Switzerland. But it seems that their may be little that can be done to appease Wall Street. The Dow has been on a roller coaster ride all day.

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