The Federal Reserve has slashed interest rates for the second time in little over a week as the US economy stands on the brink of recession.
The Fed, which stunned markets with an emergency cut of 0.75 percentage points last Tuesday, reduced rates by 0.5 percentage points to 3pc.
Fed chairman Ben Bernanke and fellow members of the Federal Open Market Committee made their decision hours after figures from the US Commerce Department showed that gross domestic product slowed to its weakest level of growth in five years in the last three months of 2007.
My Comment: The title of this article mentions "Recession Looms". Duh! US GDP growth down to 0.6% in the 4th quarter! What do you call that??? The Recession has already arrived in the US...for goodness sake..start calling a spade a spade man.
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