Article: "BOE Cuts Rate to Lowest Since Bank’s Creation in 1694 (Update3)"
Excerpt(s): The Bank of England cut the benchmark interest rate to the lowest since the central bank was founded in 1694 as policy makers tried to prevent the credit squeeze from deepening Britain’s recession. The bank rate was reduced a half-point to 1.5 percent, bringing policy makers closer to the point at which they will run out of options to fight the financial crisis with conventional tools. The pound rose against the euro and the dollar because some investors had bet on a larger reduction... The European Central Bank has cut its key interest rate by 1.75 percentage points to 2.5 percent since early October, and may reduce it again next week. President Jean-Claude Trichet may provide clues on his thinking when he gives a speech in Bratislava at 8 p.m. local time today.
Link to Full Story: http://www.bloomberg.com/apps/news?pid=20601087&sid=avTXAfm9.vhM&refer=home