interest rate cut

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Recession Delivers Double Whammy to Legal Aid Offices

(Newser) - The recession has crippled funding for legal aid even as it has bumped up the number of people requesting representation, McClatchy reports. Though the federal government ramped up spending this year—and plans an even bigger increase for 2010—state funding and private donations have cratered, forcing legal aid to... More »

Europe Cuts Rates Less Than Expected to 1.25%

Economists, markets had hoped for 50-point cut

(Newser) - The European Central Bank cut interest rates today by 25 basis points, less than expected, to 1.25%. Economists had widely expected a cut double that size, reports the Financial Times, and financial markets soared on the news this morning. The ECB has been more hesitant to cut rates than... More »

UK Drops Rates to 0.5%, Begins 'Printing Money'

Quantitative easing begins with $108B of new money

(Newser) - The Bank of England cut interest rates today by 50 basis points to an all-time low of 0.5% and began a far more drastic process: quantitative easing, or "printing money." The Times of London reports that the Bank received permission from the government this morning to spend... More »

UK Slashes Interest Rates to All-Time Low of 1.5%

50-point cut less than business groups had hoped for

(Newser) - The venerable Bank of England cut interest rates today by 50 basis points, trimming them to 1.5%—their lowest since the bank's founding in the 17th century. Investors had expected the move, although business organizations had pressed for a 100-point cut. Yesterday, Britain's finance minister admitted that the recession... More »

Fed Sees Recession Lingering Through '09

(Newser) - The Federal Reserve anticipates the recession will continue through 2009 despite its recent rate slash and other planned “nontraditional policies,” the Wall Street Journal reports. Minutes of the Fed's December 15-16 meeting, at which it cut rates to nearly zero, indicate a deep pessimism about the economy. Officials... More »

Stocks Begin Holiday Week Mixed

Fed cuts, auto loan offer boost

(Newser) - Stocks opened mixed today after China cut interest rates and Toyota predicted its first loss in 71 years, the Wall Street Journal reports. Toyota’s US shares dropped 3% after its bleak forecast, and General Motors (16%) and Ford (7%) both fell. The Dow ticked up after the bell but... More »

Bank of Japan Follows Fed, Cuts Rates to Near Zero

It drops key interest rate to 0.1%

(Newser) - The Bank of Japan cut interest rates from 0.3% to to 0.1%, within the historic zero- to quarter-percent range that the Fed chose earlier this week. Central bankers were responding to a deep recession as well as a soaring yen, which recently hit a 13-year high against the... More »

Fed Cut Won't Translate Into Much for Consumers ... Yet

Its plans to buy more debt may unfreeze market in '09, but consumer rates stuck for now

(Newser) - Consumers hoping for lower interest rates on credit cards, car loans, and mortgages after the Federal Reserve dropped a key interest rate to near 0% yesterday aren’t likely to get a break soon, reports MarketWatch. But loans could be easier to get once the Fed’s other actions—buying... More »

Record Low Rates Leave Investors Cold

Cut is likely tomorrow, but Wall Street wants more varied approach

(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... More »

Euro Central Banks Slash Interest Rates

Bank of England drops rate to 2%, ECB to 2.5%, Sweden to 2%

(Newser) - The Bank of England cut interest rates a full 1% today to 2%, the lowest level since 1939, and the European Central Bank followed with a cut of 75 basis points, to 2.5%, the largest cut in its 10-year history, MarketWatch reports. Those moves came on the heels of... More »

Huge Rate Cut Aims to Restart Thai Economy

Central bank surprises analysts as country forms new government

(Newser) - The Bank of Thailand today cut interest rates by 100 basis points, more than any observers expected, as the besieged nation tries to restart its economy. As Bloomberg reports, the 6-month protest that ended with the ouster of PM Somchai Wongsawat sapped exports and aggravated the pain of the global... More »

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

With Fed at 1% and European, Asian banks trimming, no-interest loans not far off, perhaps

(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,... More »

Retail Fears Drive Stocks Down

Same-store sales weak in October

(Newser) - Stocks took a modest slide at the open today, thanks to dismal data from retailers. The Dow fell 57 points, while the Nasdaq and S&P dropped 1.1% and 0.9% respectively, the Wall Street Journal reports. Most retailers, with the notable exception of Wal-Mart, posted bleak same-store sales... More »

UK Hacks Rates by 1.5% as Markets Fall; EU Trims .5%

Grimmer-than-expected economic news pummels the global economy

(Newser) - The Bank of England—under massive pressure to stem the red ink drowning the continent's economy—slashed its key lending rate by an unprecedented 150 basis points today, reports Reuters. The move, which set the rate at 3%, dwarfed the 75-point cut market watchers had anticipated. Moments later the European... More »

Think 1% Is Low? He Could Go to Zero

Analysts predict Japan-style cuts in interest rates

(Newser) - Yesterday Ben Bernanke cut the federal funds rate to an ectomorphic 1%—but the Fed might not be done yet. More and more analysts are predicting that the central bank will have to cut rates all the way to zero if it wants to get the economy moving again. But... More »

Fed Cuts Rate Half-Point to 1%

1% is lowest mark since 2004 as Bernanke tries to combat slowdown

(Newser) - The Federal Reserve surprised no one today, cutting interest rates by half a point, to 1%—as investors widely predicted he would, AP reports. “The pace of economic activity appears to have slowed markedly, owing importantly to a decline in consumer expenditures,” the Fed said in a statement,... More »

Market Dips as Eyes Turn to Fed

But yesterday's gain hasn't evaporated yet

(Newser) - Stocks took a modest dip at the open today, as investors waited for a rate cut decision from the Federal Reserve. The Dow fell 53 points, while the S&P and Nasdaq crept down 0.9% and 1.1% respectively. Investors are expecting a half-point rate cut, bringing the fed... More »

Dow Jumps 889, Cracks 9,000

Bargain hunters spur big gains as markets jump late

(Newser) - Stocks zoomed past the 9,000 mark late in today's session as investors ignored a rock-bottom consumer-confidence rating, focusing on blue-chip gains and the likelihood of another rate cut by the Federal Reserve, the Wall Street Journal reports. The Dow shot up 889.35 to close at 9,065.12.... More »

As Investors Seek Cover, Central Banks Slash Rates

Seeking to loosen credit, central banks plan another round of cuts

(Newser) - Central banks worldwide are slashing interest rates, attempting to stem the bleeding in financial markets as investors dump holdings, credit remains tight, and currencies spasm in value, the Washington Post reports. The Federal Reserve is set to cut rates for the second time in as many weeks tomorrow, while the... More »

Poor Day Ends Horrible Week

Dow off 312, but bears show some restraint

(Newser) - US stocks declined today but stopped somewhat short of total free fall after global markets plunged close to 10%. With perhaps a buffer from news of a bump in existing US home sales, the Dow fell 312.30 to close at 8,378.95, MarketWatch reports. The Nasdaq dropped 51.... More »

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