Panic in the streets

Fed slashes interest rates, but stocks lose again
By JEANNINE AVERSA, AP Economics Writer
8 Oct 2008
WASHINGTON - Wall Street bounced higher and lower Wednesday trying to make up its mind about an unprecedented coordinated interest rate cut by central banks around the world. In the end it settled on a familiar feeling — fear — and plunged again.

The Federal Reserve, desperately trying to jump-start the lending that keeps the U.S. economy moving, dropped its closely watched federal funds rate to 1.5 percent. The cut from 2 percent took the rate to its lowest level in more than four years.

... a 1/2-point reduction in fed funds rate.

"They're panicking out there right now, I can feel it."
[Billy Ray Valentine, Trading Places (1983)]

Have a nice day.