Cut Now, Save Later
Central banks around the world have finally reacted to the global financial crisis by engineering a coordinated half-point interest-rate cut. That is welcome, but more rate cuts are needed without delay, while they may still have the desired effect.
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WASHINGTON, DC – Central banks around the world have finally reacted to the global financial crisis by engineering a coordinated half-point interest-rate cut. That is welcome, but far more is needed – and quickly. If implemented now, steep rate cuts can still have a significant positive effect. If delayed, their effect is likely to be minimal.