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The US official cash rate is down to one per cent after the Federal Reserve announced a 50 basis point reduction overnight.
While the Reserve said the reduction, combined with recent policy actions and liquidity measures, should over time improve credit conditions and foster growth, it noted that “downside risks” to growth remained.
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“The Committee will monitor economic and financial developments carefully and will act as needed to promote sustainable economic growth and price stability,” the Fed said.
The reduction marks the Reserve’s second reduction to the cash rate this month after it moved in line with central banks across the globe to reduce rates on October 8.
Published: 30-10-08
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