US rates cut by 0.75 per cent

The Federal Reserve’s Open Market Committee – which sets monetary policy – attributed the cut to further weakening in the outlook for the American economy.

“Financial markets remain under considerable stress, and the tightening of credit conditions and the deepening of the housing contraction are likely to weigh on economic growth over the next few quarters,” the Committee’s statement said.

The further lowering of interest rates, combined with other actions taken earlier, should help promote moderate growth over time, the Committee said. However it said it will act in a timely manner to further promote growth should it so be needed.

Published: 19-03-08

Written by Staff Reporter

Last Updated: 09 March 2022

Published: 19 March 2008