Fed Cuts Key Interest Rate as Global Markets Drop for Second Day |
| Washington Post - Jan 22, 2008 |
The Federal Reserve cut a key U.S. interest rate by three-quarters of a percentage point this morning as a global stock sell-off continued on Wall Street today, with the Dow Jones industrial average dropping more than 400 points in its opening minutes.
The surprise rate cut, made via an emergency videoconference on Monday night, responds to a growing sense of crisis in world financial markets, which have been buffeted by problems that began in the U.S. mortgage markets but have now spread well beyond it.
It is the largest single rate cut in at least 18 years, beyond even the initial half percentage point reduction that the Fed made following the 2001 terrorist attacks in New York and Washington.
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- Posted: 2008-01-22 09:45:46
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