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FEDERAL RESERVE SYSTEM BOARD OF GOVERNORS CHAIRMAN BEN BERNANKE DELIVERS REMARKS AT THE FIFTH EUROPEAN CENTRAL BANK CENTRAL BANKING CONFERENCE, THE EURO AT TEN: LESSONS AND CHALLENGES

Article from: Political Transcript Wire Article date: November 14, 2008

CHAIRMAN BERNANKE DELIVERS REMARKS AT THE FIFTH EUROPEAN CENTRAL BANK CENTRAL BANKING CONFERENCE, THE EURO AT TEN: LESSONS AND CHALLENGES, FRANKFURT, GERMANY, AS RELEASED BY THE FEDERAL RESERVE

NOVEMBER 14, 2008

SPEAKER: FEDERAL RESERVE SYSTEM BOARD OF GOVERNORS CHAIRMAN BEN BERNANKE

[*] BERNANKE: I am pleased to be here in Frankfurt today to celebrate the 10th anniversary of the euro. The euro's introduction was a remarkable achievement. As an academic, I did a bit of consulting for the European Monetary Institute, the European ...

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'Race to Zero' Under Way as Central Banks Cut Rates

Posted Nov 7, 08 12:25 PM CST in Business 

'Race to Zero' Under Way as Central Banks Cut Rates
Source: AP Photo

(Newser) – Interest rates around the world are falling, with no end in sight as central banks hack away at obstacles to lending and try to jump-start their economies, Bloomberg reports. With the US rate at 1%, the Bank of England yesterday cut its key figure to 3%, the lowest since 1955, and the European Central Bank cut its rate by half a point, to 3.25%.

“It’s the race to zero,” one London economist said. “There’s no obstacle to more rate cuts.” As the crisis deepens, free money is becoming a more realistic possibility across the globe. A combination of reluctant spenders and cautious banks has created unparalleled stagnation; central banks hope deeper cuts convince banks to pass lower rates on to consumers.

Source: Bloomberg

More about:  Financial Crisis • Federal Reserve • Ben Bernanke • interest rate cut • European Central Bank • Bank of England

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Record Low Rates Leave Investors Cold

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(Newser) - Tomorrow the Federal Reserve will probably cut its target interest rate to 0.5%, the lowest in decades. But, the Wall Street Journal reports, investors are unlikely to be cheered by a further slash, instead waiting to hear what further measures Fed chief Ben Bernanke is preparing now that interest rate cuts have essentially stopped working. More »

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