Central banks around the world Wednesday cut interest rates in a coordinated move amid mounting losses on global stock markets, as the credit crunch continued to seize up lending.
The Federal Reserve lowered its federal funds rate a half a point to 1.50 percent. It also lowered its discount rate by half a point. The Fed, whose decision was unanimous, last cut rates a quarter point in April.
Central banks in the UK, European Union, Switzerland, Sweden, and Canada also trimmed lending rates.
Some investors have been calling for a coordinated rate cut for quite some time. To them it demonstrates willingness among central banks to take an aggressive approach until the crisis eases.
"I hope this is enough but I wouldn't be 100 percent sure," said Rainer Singer, a macroeconomic analyst at Erste Bank in Vienna.
And that leads to our Fast Money Reader Poll.
Do you think this coordinated global interest rate cut is the right medicine to heal stock market ills?
Got something to say? Send us an e-mail at email@example.com and your comment might be posted on the Rapid Recap! Prefer to keep your comments private? Send those questions and comments to firstname.lastname@example.org.
CNBC.com with wires