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January 30, 2008 - Forex Economic News
U.S. Fed cuts interests rates 50 basis points more.
Today, the U.S. Federal Open Market Committee concluded its meetings with a 50 basis point interest rate cut. The 50 basis point cut sent the dollar tumbling against most major currencies after the rate announcement. The Fed summed up the continuing economic pressures spurring the rate cut in the FOMC statement, "Financial markets remain under considerable stress, and credit has tightened further for some businesses and households. Moreover, recent information indicates a deepening of the housing contraction as well as some softening in labor markets." This 50 point rate cut follows last week's emergency 75 basis point cut and brings the interest rate down to 3.0 percent, a level not seen since 2005. The euro against the dollar saw big gains as the pair touched above the 1.4900 mark earlier today and is currently trading around 1.4862. Read the Fed statement here.
Tags: US Fed, Interest Rates, US Economy,----------------------------- Blog index
