The month in review

The US Federal Reserve cut interest rates by 0.75% to 3.5% in an emergency move last month after global stock markets tumbled and a rise in unemployment threatened to push the economy into recession. The Fed explained that incoming information indicated a deepening of the housing contraction as well as some softening of labour markets. It expects inflation to moderate in the coming quarters, but will continue to monitor developments carefully.

Mervyn King, the governor of the Bank of England

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