Originally published by the Voice of America (www.voanews.com).
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October 29, 2008

Central Banks to Cut Interest Rates
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http://enews.voanews.com/t?ctl=1F03755:A6F02AD83191E160276ABDB2F272963B21A4E82C900CD027&
 
Move intended to boost economy by making it cheaper to borrow money 
Top economic officials in many nations are in the process of cutting
interest rates to stimulate the battered global economy. Officers of the
U.S. Federal Reserve stand watch in front of the Fed building in
Washington, D.C., 29 Oct 2008The U.S. central bank is widely expected to
cut its key interest rate by half a percent later Wednesday. China's
central bank has just cut interest rates, and the European Central Bank
is likely to slash rates next week. The cuts are intended to boost
economies by making it cheaper to borrow money to buy the things needed
to expand businesses, build homes, and create jobs. Some investors
cheered the latest in a long series of efforts to head off a global
recession. Stock prices surged in Tokyo, London and Paris. Stocks made
modest gains in Hong Kong, but declined in Germany. U.S. stocks declined
in the first moments of Wednesday's trading after posting huge gains on
Tuesday.

Some information for this report was provided by AP and Reuters.

 


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