Central Banks Around the World Cut Rates by Half a Point

A number of key central banks around the world, including the U.S. Federal Reserve, cut interest rates in hopes of quieting the enormous turmoil in the markets. In the U.S., rates were cut to 1.5 percent. Also approved by the Fed was a half point cut in the discount rate to 1.75 percent.

The banks participating in the move all cut their rates by half a percentage point. Interestingly, the Bank of Japan declined to cut rates at this time.

Other banks cutting rates were the European Central Bank, which dropped it rates from 3.75 percent from 4.25 percent. The Bank of England trimmed their rates from 5 percent to 4.5 percent. Other central banks cutting rates were the Swiss National Bank, The Bank of Canada and the Swedish Riksbank.