> >Fed, ECB, Central Banks Lower Rates in Coordinated Reduction >2008-10-08 11:04:30.470 GMT > > >By Scott Lanman > Oct. 8 (Bloomberg) -- The Federal Reserve, European Central >Bank and four other central banks lowered interest rates in an >unprecedented, emergency coordinated bid to ease the economic >effects of the financial crisis. > The Fed cut its benchmark rate by a half point to 1.5 >percent, the central bank in a statement. The ECB and central >banks of the U.K., Canada, Sweden and Switzerland are also >reducing rates, the Fed said in a statement. > ``The recent intensification of the financial crisis has >augmented the downside risks to growth and thus has diminished >further the upside risks to price stability,'' according to a >joint statement by the central banks. ``Some easing of global >monetary conditions is therefore warranted.'' > >For Related News: >Stories on the Fed:NI FED <GO> >Top finance stories:TOP FIN <GO> > >--Editor: Daniel Moss > >To contact the reporter on this story: >Scott Lanman in Washington at +1-202-624-1934 or >[EMAIL PROTECTED] > >To contact the editor responsible for this story: >Chris Anstey at +1-202-624-1972 or [EMAIL PROTECTED] > >
