After the announcement the number of jobs lost in the U.S. economy for October were more than forecast, the U.S. dollar gave up much of its Thursday gains on Friday.
Jobs lost in October were about 240,000, a 30,000 increase from the projected 210,000by economists, according to the Labor Department.
Unemployment rates now stand at 6.5 percent, the highest in 14 years.
The euro ended the session at $1.2747, up from $1.2677, while the British pound gained from $1.5530 to $1.5666 against the dollar.
Speculation is if things continue downhill in the economy, it will end up with the Federal Reserve dropping rates to record levels below 1 percent, which could make investment in low-yielding dollar-based assets les desirable.
Showing posts with label Fed Funds Rate. Show all posts
Showing posts with label Fed Funds Rate. Show all posts
Friday, November 7, 2008
Wednesday, October 8, 2008
U.S. Federal Reserve Cuts Prime Rate by Half a Point
The U.S. Federal Reserve cut its lending rates by half a point today, joining other central banks around the world in an effort to boost failing markets.
Lending rates now stand at 1.5 percent from the Fed, with the discount rate also being trimmed by half a point to 1.75 percent.
Other banks cutting rates were the European Central Bank, which dropped it rates from 3.75 percent from 4.25 percent. The Bank of England trimmed their rates from 5 percent to 4.5 percent. Other central banks cutting rates were the Swiss National Bank, The Bank of Canada and the Swedish Riksbank.
This is more symbolic and psychological than really doing anything that will make a practical difference at this time.
Lending rates now stand at 1.5 percent from the Fed, with the discount rate also being trimmed by half a point to 1.75 percent.
Other banks cutting rates were the European Central Bank, which dropped it rates from 3.75 percent from 4.25 percent. The Bank of England trimmed their rates from 5 percent to 4.5 percent. Other central banks cutting rates were the Swiss National Bank, The Bank of Canada and the Swedish Riksbank.
This is more symbolic and psychological than really doing anything that will make a practical difference at this time.
U.S. Federal Reserve Cuts Prime Rate by Half a Point
The U.S. Federal Reserve cut its lending rates by half a point today, joining other central banks around the world in an effort to boost failing markets.
Lending rates now stand at 1.5 percent from the Fed, with the discount rate also being trimmed by half a point to 1.75 percent.
Other banks cutting rates were the European Central Bank, which dropped it rates from 3.75 percent from 4.25 percent. The Bank of England trimmed their rates from 5 percent to 4.5 percent. Other central banks cutting rates were the Swiss National Bank, The Bank of Canada and the Swedish Riksbank.
This is more symbolic and psychological than really doing anything that will make a practical difference at this time.
Lending rates now stand at 1.5 percent from the Fed, with the discount rate also being trimmed by half a point to 1.75 percent.
Other banks cutting rates were the European Central Bank, which dropped it rates from 3.75 percent from 4.25 percent. The Bank of England trimmed their rates from 5 percent to 4.5 percent. Other central banks cutting rates were the Swiss National Bank, The Bank of Canada and the Swedish Riksbank.
This is more symbolic and psychological than really doing anything that will make a practical difference at this time.
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