Federal Reserve, six other central banks slash interest rates to cope with crisis

WASHINGTON, Oct. 8 (Xinhua) -- The Federal Reserve, together with six other major central banks from around the world, slashed interest rates Wednesday to cope with the current financial crisis. The U.S. central bank decided to lower its target for the federal funds rate 50 basis points to 1.5 percent. It also approved a 50-basis-point decrease in the discount rate to 1.75 percent.

The Federal Reserve, together with six other major central banks from around the world, slashed interest rates Wednesday to cope with the current financial crisis.

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