Fed makes panic 0.75% cut

The move is part of an attempt to increase confidence in the ailing US economy, with stock markets expected to fall significantly when they open today after a long weekend. Sharp declines in stock markets around the world, including the UK, which saw around £60bn, wiped off the value of stocks on Monday, have prompted the large cut by the Fed. George Bush is also expected to announce a raft of tax cuts to help stimulate the economy, though some analysts say moves by the Fed and the Government will take too long to filter through to ordinary households. Markets in Europe made a slight rec...