Central banks go on offensive
MARKET NEWS
LONDON -- The world’s central banks last week moved to underpin the world financial system with a series of interest rate cuts.
First off the mark was the Federal Reserve and the European Central Bank, which both cut rates by 50 basis points on Monday (September 17), leaving borrowing costs at 3% and 3.75% respectively. The following day the Bank of Japan eased its super-loose monetary policy stance, and the Bank of England joined the rate-cutting club with a quarter point cut.
These cuts were
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