Fed rate cut to battle downturn - papers 7 November

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THE FEDERAL Reserve Bank's 0.5% interest rate cut announced last night was far bigger than most expe...

THE FEDERAL Reserve Bank's 0.5% interest rate cut announced last night was far bigger than most expectations and gets top billing across all papers today. THE TIMES SAYS that the reasons outlined by the bank for cutting rates to 1.25% - the lowest in 40 years - included plummeting consumer confidence and increasing signs that the US economy could be heading for a double-dip recession. The cut also signals a turnaround in the bank's view on future interest rate moves, the paper adds, saying that the wording of the statement released by chairman Alan Greenspan makes clear there wi...

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