US Federal Reserve cuts interest rates by half percent

October 8th, 2008 - 7:24 pm ICT by IANS  

Washington, Oct 8 (DPA) The US Federal Reserve announced Wednesday a 50 basis points cut in its federal funds rate, to 1.5 percent, in a move coming simultaneously with rate cuts by leading banks in Europe.The move comes in a bid to ease monetary conditions in the face of the severe financial industry crisis that has hurt the banking sector’s liquidity.

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