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Fed Slashes Interest Rates
The Federal Reserve, the European Central Bank, and central banks from several other countries including China coordinated cut interest rates this morning after global markets continued to crash. It was the first time the Fed has ever coordinated its actions with other countries, and it comes in the wake of the failure of several emergency measures—the $700 billion bailout, the doubling of emergency loan facilities at the Fed, and the Fed’s decision to start buying up short-term commercial debt—to stem the crisis. The American rate now sits at 1.5 percent.
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