Wednesday, October 8, 2008

Fed orders emergency rate cut, other banks follow

Federal Reserve Chairman Ben Bernanke speaks to the National Association for Business Economics (NABE) about the current state of the economy in Washington, October 7, 2008. (Mitch Dumke/Reuters)

The Federal Reserve, acting in coordination with other global
central banking authorities, cut a key U.S. interest rate by half a percentage point Wednesday to steady a teetering economy.

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