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Federal Reserve cuts 50 basis points, dropping the US interest rate to 4.75%

Posted by Adrian on September 18, 2007

Will this ease the market? Yes in the very short term, Wall Street rallied and Dow Jones closed at 336 points.

But this will not ease or stop the widespread panic in the financial system, namely the persistent problems with interbank lending and general public distress at banks that require emergency funding, note Northern Rock in the UK.

Reports:

Bloomberg

CNNBusiness

Commentary and blog – Professor Nouriel Roubini

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