- Reaction score
- 1,658
The Federal Reserve slashed US interest rates by half a percentage point yesterday in a bold move designed to restore confidence after the summer credit crisis and to prevent the crumbling housing market from infecting the rest of the economy.
The decision stunned the financial markets, which had expected a much more cautious quarter-point cut, sending US share prices soaring and handing the Dow Jones Industrial Average its biggest one-day gain since October 2002.
www.independent.co.uk
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This does not seem like big news but it really is. Now is a real good time to watch the Feds every move because they are either going to save or not the US economy from a recession here. They have alot of room to bring down Interest rates and apparently are not afraid to print more money so they have a pretty good chance. I just hope they are not selling out our (US People) futures too much.
The decision stunned the financial markets, which had expected a much more cautious quarter-point cut, sending US share prices soaring and handing the Dow Jones Industrial Average its biggest one-day gain since October 2002.
Fed bolsters economy with bold half-point cut
Interest rate cut to 4.75%; Housebuilders' confidence depressed; Mortgage defaults up 115%
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This does not seem like big news but it really is. Now is a real good time to watch the Feds every move because they are either going to save or not the US economy from a recession here. They have alot of room to bring down Interest rates and apparently are not afraid to print more money so they have a pretty good chance. I just hope they are not selling out our (US People) futures too much.
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