BOE, ECB and Swiss slash interest rates

A symbol of the euro stands outside the European Central Bank
headquarters in Frankfurt, Germany The European Central Bank cut
its main lending rate by half a percentage point to 3.25 percent, it said
on Thursday, to bolster slumping economic growth
and fragile financial markets. Photo courtesy of Breitbart.com
The Bank of England slashed its benchmark interest rate by 1.5% from 4.5% to 3%, while the European Central Bank lowered rates by 0.5% to 3.25% and The Swiss National Bank has cut its key interest rate by 0.5% to 2 %, only its second reduction since March 2003.

The BOE's decision was a qualified surprise. A Dow Jones Newswires survey last week found that 15 of the 20 economists who were polled expected the BOE's Monetary Policy Committee to cut the bank rate to 4%. But the other five expected the MPC to cut to 3.5%, and weak economic data released during the week added to expectations that the move would be aggressive.

The rate reduction is aimed to bolster slumping economic growth and fragile financial markets.

Related Posts :

1. ECB: May cut 50 bps to 3.25% this Thursday
2. Swiss banking collapse is going to be one biggest domino to fall

Sources :

1. The Wall Street Journal: BOE, ECB Slash Interest Rates, November 6, 2008
2. Breitbart.com: Swiss central bank cuts interest a half point, November 6 08:38 AM EST
3. Breitbart.com: ECB cuts main lending rate to 3.25%, November 6 08:56 AM EST
4. Reuters: ECB cuts rates by 50 basis points, more action expected, November 6 07:53 AM EST

Please Note!

This is generally never true. Before buying or selling any asset you should do your own research and reach your own conclusion. See my Disclaimer on the bottom for more information.

You are welcome to republish this article, or any portion thereof.
Please, cite the actual/original source. I would be grateful if you could link back.