2.5% - US Interest rates at lowest since 1962

- Central Banking staff
- 03 Oct 2001

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US - The US central bank, the Federal Reserve, has cut interest rate for the ninth time this year, by half a percentage point to 2.5%.

If inflation is factored in, borrowing cash is now virtually free, even subsidised by the Federal Reserve.

The Fed's move is designed to stave off a recession, with manufacturing hit by the global economic slowdown and consumer confidence undermined following the terrorist attacks in New York and Washington three weeks ago.

"The terrorist attacks have

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