Federal Reserve rate cut fails to inspire

When the announcement of interest rate cuts finally came from the US Federal Reserve it was hardly worth the wait. The target rate for overnight loans between banks was lowered the expected 0.5% to 4%, the lowest in seven years later yesterday afternoon. This morning, the Footsie fell 32.7 points to 5810.2 while the Techmark index declined 9.27 points to 1985.91. Energis, the UK's largest carrier of Internet traffic, dropped 10.25p, or 3.7%, to 266p. ARM Holdings, Europe's biggest designer of semiconductors, fell 11.75p to 338p. US stocks were little changed yesterday in regular...