2008-01-22 Fed Makes Emergency 0.75 percent Rate Cut
<hide> <let name=data index=Date>2008-01-22}}{{#vardefine:Topics|\US economy\global economy\US Federal Reserve}}{{#vardefine:keylist|{{#var:keylist}}\Topics}}{{#vardefine:Topics.disp|\US economy\global economy\US Federal Reserve}} <let name=data index=URL>http://www.nytimes.com/2008/01/22/business/worldbusiness/23cnd-asiastox.html}}{{#vardefine:Title%7CFed Makes Emergency 0.75% Rate Cut}}{{#vardefine:keylist|{{#var:keylist}}\Title}}{{#vardefine:Title.disp|Fed Makes Emergency 0.75% Rate Cut}}{{#vardefine:Text|“The Federal Reserve, responding to an international stock sell-off and the likelihood of a sharp drop in America on Tuesday morning, cut its benchmark interest rate by three-quarters of a percentage point. ... The Japanese stock market dropped 5.7 percent, for the worst two-day loss in 17 years, while the Australian stock market tumbled 7.1 percent, its worst single-day loss in nearly two decades. The Shanghai market lost 7.2 percent while the Hang Seng index in Hong Kong plummeted 8.7 percent. .. “At this stage, you can say there is panic selling in the market,” said Kwong Man Bun, the chief operating officer of KGI Asia Ltd., a large Asian futures broker. “We don’t think the Hang Seng index has found its bottom yet; the index will continue to go down and will only find its bottom when external markets — namely, the U.S. market — stabilize.””}}{{#vardefine:keylist|{{#var:keylist}}\Text}}{{#vardefine:Text.disp|“The Federal Reserve, responding to an international stock sell-off and the likelihood of a sharp drop in America on Tuesday morning, cut its benchmark interest rate by three-quarters of a percentage point. ... The Japanese stock market dropped 5.7 percent, for the worst two-day loss in 17 years, while the Australian stock market tumbled 7.1 percent, its worst single-day loss in nearly two decades. The Shanghai market lost 7.2 percent while the Hang Seng index in Hong Kong plummeted 8.7 percent. .. “At this stage, you can say there is panic selling in the market,” said Kwong Man Bun, the chief operating officer of KGI Asia Ltd., a large Asian futures broker. “We don’t think the Hang Seng index has found its bottom yet; the index will continue to go down and will only find its bottom when external markets — namely, the U.S. market — stabilize.””}} {{#xploop:{{#var:Topics}}||}} {{#xploop:{{#var:keylist}}|\n* $s$: \o#var:$s$.disp\c}}