Monetary Policy

Fed cuts rates but Wall Street plunges

US - Giving a sharp jolt to financial markets, the Federal Reserve cut US interest rates just one hour before the re-opening of Wall Street. (Later shares on Wall Street fell dramatically as the American markets opened after its near week long absence.)

ECB Duisenberg: Comment on the Fed rate cut

FINLAND - European Central Bank President Wim Duisenberg said Monday 17 September that he had been informed of the U.S. Federal Reserve decision to cut interest rates by 50 basis points, but declined to comment on the ECB's own plans.

ECB stresses resilience of US system

EUROPE - The European Central Bank sought yesterday to bolster confidence in world financial markets by saying that Tuesday's terrorist attacks on the US would not damage the US economic system.

Eurozone growth slows to a crawl

EUROPE - Growth in the eurozone has slowed to a crawl, with the likelihood of a sustained slowdown heightened by this week's terrorist attacks on the US, gurus have warned.

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