US Fed cut rates 75 basis points in emergency basis

Thebullishtrends: To prevent the furthion and market down fall US Federal has taken a overnight decission for lending rate cut by 75 basis points to 3.5% on a Tuesday in a rare move between formal timings. The cut has been announced by the US Fed Reserve after the global stock markets sold off today on fears about the bad debts in credit markets may spread further and may leads U.S into the recession. It is the larget rate cut by the Fed after 1980s the Fed lowered the discount rate by 75 basis points to 4%.

Meanwhile the bank of Canada has announced the expected rate cut its base rate of quarter point to 4% today.

A report of U.S Stock markets response of post rate cut will be available tonight in this site.