Fed and BoE slash borrowing costs again
MARKET NEWS
WASHINGTON/LONDON -- The Federal Reserve and the Bank of England both cut interest rates last week in a further bid to shore up confidence in their respective economies.
The Fed cut rates by 50 basis points on Tuesday (October 2), following a scheduled Federal Open Market Committee meeting, while the BoE also reduced rates by a quarter-point on Thursday (October 4).
US and UK borrowing costs now stand at 2.5% and 4.5% respectively. Interest rates in the US are now at their lowest since 1962 -- a
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