ECB, Bank of England Cuts Rates

Central banks world-wide delivered sweeping interest rate cuts recently, even as the continuing turmoil in credit markets means cuts in rates are losing power to curtail an accelerating global slowdown. Major European central banks, including the ECB, the Bank of England and Sweden's Riksbank joined the central banks of New Zealand and Indonesia in making deep rate cuts. The goal: to stave off deep and painful slowdowns in the wake of financial market turmoil that has squeezed lending globally. A London-based economist with Soci