Fed delivers 2nd rate cut in 8 days
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The Federal Reserve cut a key short-term interest rate by a half-percentage point Wednesday, its second significant cut in just over a week, as the central bank tries to combat the growing risk of a U.S. recession.
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U.S. banks on average borrowed $4.83 billion a day directly from the Federal Reserve in the week ended Dec. 26, up from $4.62 billion a day the previous week.
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The Federal Reserveâs surprise rate cut stemmed a fall in the Asian markets Wednesday but heightened fears of recession. Stocks in Europe were down slightly.
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Economic data released Wednesday supports decision to cut interest rates.
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Wall Street expects a two-day Federal  Reserve meeting this week to end with another cut in interest  rates as financial firms struggle with losses tied to subprime  mortgages and related securities.
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THE United States Federal Reserve is expected to raise the bellwether federal funds rate, which banks charge each other for overnight loans, by a quarter point to 2.25 per cent today.
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The Federal Reserve cut U.S. interest rates by a hefty half-percentage point on Wednesday as part of an ongoing aggressive effort to halt a sharp slowdown in an economy hit by a housing slump and a credit crunch.
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Federal Reserve chops another half point off interest rates - to 3% - in bid to head off economic recession
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Bank of England policymakers voted 8-1 to cut interest by a quarter-point to 5.25 percent earlier this month, minutes of the meeting showed on Wednesday.
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Asian and European markets advance after the US Federal Reserve cuts interest rates for the first time in four years.
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The Federal Reserve on Thursday held  benchmark U.S. interest rates steady at 5.25 percent for an  eighth straight meeting and dropped a description of core  inflation as &quot;elevated.&quot;
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Six weeks ago the Federal Reserve cut interest rates, a move that calmed panicked credit markets and sent stock markets soaring. Now investors faced with more troubling data are betting that the Fed will reduce rates again tomorrow.
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The Federal Reserve is likely to follow its bold action last week to battle an economic downturn with further interest rate reductions, although analysts are split on just what size the future cuts will be.
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Weekly data come in line with expectations, feeding hopes for a rate cut while limiting recession fears.
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Ben S. Bernanke said that he was ready to slash interest rates yet again to prevent housing and credit problems from plunging the country into a recession.
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Aggressive moves to cut interest rates by America's central bank are intended to stave off a financial meltdown.
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Positive earnings and hopes for another Fed rate cut give stocks a boost.