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Subject: 8
(Posted on Mar 24, 2009 at 11:47AM)
8
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Subject: 7
(Posted on Mar 24, 2009 at 11:47AM)
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Subject: 6
(Posted on Mar 24, 2009 at 11:47AM)
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Subject: 5
(Posted on Mar 24, 2009 at 11:47AM)
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Subject: 4
(Posted on Mar 24, 2009 at 11:47AM)
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Subject: 3
(Posted on Mar 24, 2009 at 11:46AM)
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Subject: test html
(Posted on Feb 17, 2009 at 01:39PM)
<div class="tgi" style="width: 160px; height: 160px;" id="tgi_15">Loading...</div>
<script type="text/javascript" src="http://www.themegreen.com/imgy/tools/?m=widget&b=15&t=tiny&s=10&z=0&x=0"></script>

<script type="text/javascript">tgiClass.populate('tgi_15');</script>

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Subject: Central Banks Coordinate Global Cut in Interest Rates
(Posted on Oct 8, 2008 at 12:31PM)
Central Banks Coordinate Global Cut in Interest Rates function getSharePasskey() { return 'ex=1381204800&en=b5e2517ae12523f0&ei=5124';} function getShareURL() { return encodeURIComponent('http://www.nytimes.com/2008/10/09/business/09fed.html'); } function getShareHeadline() { return encodeURIComponent('Central Banks Coordinate Global Cut in Interest Rates'); } function getShareDescription() { return encodeURIComponent('The world’s major central banks — including the Federal Reserve, the Bank of England and the European Central Bank — moved together to stanch the financial crisis.'); } function getShareKeywords() { return encodeURIComponent('Interest Rates,United States Economy,Federal Reserve System,Bank of England,European Central Bank'); } function getShareSection() { return encodeURIComponent('business'); } function getShareSectionDisplay() { return encodeURIComponent('Business'); } function getShareSubSection() { return encodeURIComponent(''); } function getShareByline() { return encodeURIComponent('By KEITH BRADSHER, DAVID JOLLY and EDMUND L. ANDREWS'); } function getSharePubdate() { return encodeURIComponent('October 9, 2008'); } By KEITH BRADSHER, DAVID JOLLY and EDMUND L. ANDREWS Published: October 8, 2008

Central banks around the world cut short-term interest rates by up to half a percent on Wednesday after investors across Asia and Europe unleashed waves of sell orders onto already depressed stock exchanges.

Skip to next paragraph Enlarge This Image Emmanuel Dunand/Agence France-Presse — Getty Images

A ticker outside the NBC studios in New York emphasized the falling financial markets.

Related CNBC Video: European Bank Chief on Worldwide Rate Cut Fed Statement The New York Times

The Federal Reserve, the European Central Bank and other central banks from Britain and Switzerland to Canada and China announced rate reductions within seconds of one another. The British government separately announced a plan to pump billions of pounds into the country’s leading banks as part of a plan that would result in considerably greater government influence over the financial sector there.

The Fed said in a statement that, because of weakening economic activity, it had cut the Federal funds target rate by half a percentage point, to 1.5 percent. It also cut its discount rate by the same amount. The vote was unanimous.

The European Central Bank cuts its benchmark rate to 3.75 percent, from 4.25 percent.

The action failed to calm gyrating markets, however, amid the growing realization that a serious and prolonged recession may be difficult to avoid. Markets in Europe closed lower while the Dow Jones industrial average was struggling to maintain its gains in New York.

Federal Reserve officials said Wednesday’s action was the first time ever that the Fed had coordinated a reduction in interest rates with other central banks, though the United States has periodically joined with other countries to intervene in currency markets to stabilize foreign exchange rates.

The closest thing to a precedent came in November 2001, when the Fed and the European Central Bank announced a rate reduction on the same day. But those actions were nominally independent, and they did not involve any additional foreign central banks.

The cut came despite what had been a divergence of views between the United States and Europe ever since the financial crisis erupted in August 2007. The European Central Bank had been much more reluctant to lower interest rates, because policy makers there tended to see the mortgage meltdown primarily as an American problem with secondary ripple effects in Europe.

But any lingering comfort outside the United States evaporated in the last week, as money markets froze up around the world and major corporations and banks across Europe began suffocating from their inability to do even routine financial transactions.

Making matters worse, none of the epic emergency measures taken in the United States — the passage of a $700 billion bailout plan to buy up distressed securities; a doubling and redoubling of emergency loan facilities at the Fed to $900 billion on Monday; and the Fed’s unprecedented decision on Tuesday to start buying up short-term commercial debt for businesses of all types — had prevented the stock markets from plunging at vertigo-inducing amounts day after day.

Some analysts responded positively to the news.

“At last, a coordinated show of force,” Ian Shepherdson, chief United States economist at High Frequency Economics, wrote in a note. “The move is to be applauded but there is more to come. The playbook to avoid depressions says rates need to be as close to zero as possible.”

Other economists were cautious about whether the various measures would be successful, after previous plans like the United States’ economic bailout have not halted steep declines in share prices.

“There’s no silver bullet for these problems,” said Derek Halpenny, a currency strategist at Bank of Tokyo-Mitsubishi UFJ in London. “But the actions by the Fed on Tuesday, the U.K. government’s bailout plan today and the bit-by-bit approach European governments are taking show the authorities are getting more proactive.”

Tumult in financial markets is starting to spill into Asian political systems. Japan’s prime minister, Taro Aso, promised a committee of Parliament on Wednesday that he would postpone national elections, which had been expected early next month, to focus on the unfolding financial crisis.

“Honestly, this for us is beyond our imagination,” Mr. Aso told the budget committee. “We have huge fears going ahead.”

Most Asian markets closed before the central banks acted, and share prices across the region suffered a drubbing.

In Tokyo, the Nikkei 225 index plunged 9.4 percent, shedding nearly a tenth of its value in its worst single-day loss in two decades. In Hong Kong, gloomy investors gathered at day trading offices and morosely checked their portfolios again and again as the Hang Seng index tumbled 8.2 percent. In Indonesia, the authorities simply shut down the stock exchange by late morning after it had tumbled 10.4 percent.

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