The unprecedented, coordinated step came amid slumping world stock markets.
The central banks of Canada and Sweden and Switzerland all took similar action in the coordinated move.
China also cut its rate, but by 0.27 percentage points.
Central Banks Around the World Coordinate Rate Cuts
Six central banks, including the U.S. Federal Reserve, have cut interest rates by half a percentage point in an effort to steady the faltering global economy. The U.S. central bank cut its rates from 2% to 1.5%. The Bank of England put the interest rate at 4.5% from 5%, and the European Central Bank (ECB) trimmed its rate from 4.25% to 3.75%.
Published on October 8, 2008
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