Fed set to cut rates, others poised to follow

Elizabeth Piper
Reuters
Wednesday, Oct 29, 2008

The United States is expected to cut interest rates on Wednesday, a measure Japan, the European Central Bank and Britain are forecast to follow by the end of next week to bolster economies facing recession.

While dispensing with a repeat of the coordinated cuts made earlier this month, authorities fear the worst financial crisis in 80 years will usher in a long recession and are looking to individual rate reductions to soften the blow.

Hungary became the latest country to seek finance from global lenders, agreeing a rescue package worth $25.1 billion to shore up its currency and markets.

The International Monetary Fund said if the crisis was prolonged and many more countries asked for help, it could need more money.

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The Federal Reserve is widely expected to cut U.S. rates by at least half a point to 1 percent, the lowest level since June 2004.

Norway’s central bank was also seen reducing rates by 50 basis points to 4.75 percent on Wednesday.

“The picture is now so depressing that Norges Bank has to do whatever it can to decrease rates … as quickly as possible,” said Inge Furre, economist at Sparebanken Moere.

The Bank of Japan will consider cutting rates at a policy meeting on Friday but will watch market conditions before deciding, a source with knowledge of the matter told Reuters.

Full article here

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One Response to “Fed set to cut rates, others poised to follow”

Kshatriya Says:
October 29th, 2008 at 6:45 am
Game over man. Best hold on to your butts baby cuz its gonna get real interesting in the next 90 days. All this stock market talk is to keep us from seeing whats right in front of our face. Look around Mama, dont you see it? Pay attention to the billionaires and the 100-900 millionaires. Now what is the common denominator of all these megawealthy? What is Buffet doing? He built a Doomsday vault. What’s Cheney doing? He built a 6-story underground fortress for him and his family. How about the government in general? Google continuity of government. The concentration camps have been built. The guards are there NOW. People have been seeing 100s of thousands of coffins near railway depots. And now the top brass is telling us point blank that something is coming down in January. Something BIG. All you people who read this to make fun of the paranoid survivalists, better ask yourself: “what are the signs of the times?”. You still have a month or two to get your family prepared baby. Better go on over to survivalistseeds.com and get 12 years worth of food for pennies on the pound. Or maybe us tin-foil hat wearing wacko’s are all deluded. I hope so mama, I hope so.