US Fed Reserve cuts 50 basis pts to 1%

US Fed Reserve cuts 50 basis pts to 1%

BS Reporter / Mumbai October 30, 2008, 16:56 IST

The US Federal Reserve cut key interest rates by 50 basis points to 1% on Wednesday to counter the ongoing financial crisis.

This is the second time in the last 50 years that US interest rates are at such a low level.