• FOMC lowered its target interest rate by 50bp to 1.5% • The move is part of a global joint effort to alleviate financial stress around the world • Fed movement was widely expected by market participants • Fed recent communication and today’s action confirm that downside risks to growth have increased dramatically • Further rate cuts cannot be ruled out if conditions worsen Press Release FOMC Policy Action October 8, 2008 The Federal Open Market Committee has decided to lower its target for

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