Feds to Buy Short-Term Debt, Australia and Spain Take Action Too
Trying to stop a meltdown in global markets, the Federal Reserve along with the Bank of Canada, the Bank of England, the European Central Bank, Sveriges Riksbank, and the Swiss National Bank announced a coordinated reduction in interest rates.
The Fed dropped its key federal funds rate from 2% - which it has held there for some time – by 0.5% percent. The Fed Chairman Ben Bernanke as much as telegraphed this cut could happen – though perhaps not THIS soon – yesterday when he spoke in... Full Story
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