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Interest Rate Cut Goes Global

An unprecedented interest rate cut today coordinated by the Federal Reserve and five other central banks around the globe as each lowered their key rate by half of a percent. Washington correspondent Stephanie Dhue has the details on this historic global rate cut.



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• 09-16-08: Wall St. Manages a Rebound Without a Rate Adjustment
• 02-27-08: Fed. Chairman Bernanke Says More Cuts Are Coming
• 01-10-08: Bernanke's Bold Statement

External Links/Articles*

• Bankrate.com
  Bankrate.com is an "aggregator of financial rate inforamtion." The site tracks mortgage rates in the U.S.
• Federal Reserve
  The Federal Reserve is the central bank of the United States. This links to a October 8, 2008 release issued by the Fed as the Federal Open Market Committee decided to lower its target for the federal funds rate 50 basis points to 1-1/2 percent.
• International Monetary Fund (IMF)
  The IMF is "an international organization of 185 member countries. It was established to promote international monetary cooperation, exchange stability, and orderly exchange arrangements; to foster economic growth and high levels of employment; and to provide temporary financial assistance to countries to help ease balance of payments adjustment." Chief Economist Olivier Blanchard is interviewed in Stephanie Dhue's report.
• Partnership for America's Economic Success (PAES)
  The Partnership for America's Economic Success "was created by a group of funders, business leaders, economists, policy experts and advocates to lay the groundwork for making the success of every child the nation's top economic priority and as policy makers and the public seek to set priorities for our nation’s budget in a challenging economy, the need to make investments that yield the highest returns for our economy is more important than ever." PAES Chairman Robert Drugger coments on the economy in Stephanie Dhue's report.
• Peterson Institute for International Economics
  The Peterson Institute for International Economics is "a private, nonprofit, nonpartisan research institution devoted to the study of international economic policy." Director Fred Bergsten remarks on the upcoming G7 financial coordination in Stephanie Dhue's report.
• U.S. Department of the Treasury
  The U.S. Department of Treaury's mission "highlights its role as the steward of U.S. economic and financial systems, and as an influential participant in the global economy. The Treasury Department is the executive agency responsible for promoting economic prosperity and ensuring the financial security of the United States." This links to Treasury Secretary Henry Paulson's statement on the financial markets update.

*Clicking these external links will take you off the NBR web site on PBS.org. NBR has no affiliation with these sites.