U.S. Dollar Falls on Rate Cut
The dollar fell to $1.3292 per euro on news of the half a percent rate cut anounced yesterday.
BOE Official Suggests U.K. Interst Rate Needed
A member of the Bank of England’s Monetary Policy Committee said that interst rates in the UK need to fall “significantly” to ward off the threat of a recession.
Stocks Rebound in Europe and Asia
Yesterday’s rate cut by the U.S. Federal Reserve prompted major gains in the Asian markets and the trend continued as the European markets opened for trading.
September Durable Goods Up 0.8% From August
Despite mounting evidence of a recession, the U.S. September Durable Goods report showed a 0.8% gain over the previous month. Much of the increase can be credited to a growing demand for airplanes and automobiles.
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