US Federal Reserve cuts interest rates by half percent

IANS

Americas

Wed, 08 Oct 2008: 

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 csis that has hurt the banking sector's liquidity.