DJIA as of noon today [View All]

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DOW JONES INDUSTRIAL AVERAGE IN (DJI:^DJI)

Index Value: 11,918.92
Trade Time: 12:02PM ET
Change: 180.38 (1.49%)
Prev Close: 12,099.30
Open: 12,092.72
Day's Range: 11634.82 - 12092.72
52wk Range: 11,926.80 - 14,280.00

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<related story>

Reuters
Fed slashes rates
Tuesday January 22, 12:04 pm ET
By David Lawder


WASHINGTON (Reuters) - The Federal Reserve on Tuesday slashed a key interest rate by a hefty three-quarters of a percentage point, the biggest cut in more than 23 years, after a two-day global stocks rout sparked by fears of a U.S. recession.

The move, a rare one made between the U.S. central bank's regularly scheduled meetings, took the federal funds rate governing overnight lending between banks down to 3.5 percent, its lowest level since September 2005. The Fed also lowered the discount rate it charges on direct loans to banks to 4 percent.

"The Fed is very, very, very worried," said John Tierney, an analyst at Deutsche Bank in New York.

The Fed's bold bid failed to instill confidence in shaken financial markets as U.S. stocks, playing catch-up with sell-offs around the world, fell sharply at the open. The Dow Jones industrial average (DJI:^DJI - News) was down about 1.1 percent in late morning.

Prices for U.S. government bonds slipped, while the dollar fell sharply against the euro.

"The committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth," the Fed said, referring to its policy-setting Federal Open Market Committee.

"While strains in short-term funding markets have eased somewhat, broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households," it said.

Some analysts viewed the Fed's surprise move, which came just a week ahead of its next regularly scheduled meeting on January 29-30, as a timely and much-needed effort to shore-up deteriorating confidence in global markets. Others said it signaled a sense of desperation.

"Plainly the Fed realized that to try to stay ahead of the market they had to act immediately. That is the positive reading of the action," said Alan Ruskin, chief international strategist at RBS Greenwich Capital in Greenwich, Connecticut. "The negative viewpoint is that it smacks of panic."

Shortly after the Fed announced it was lowering U.S. interest rates, the Bank of Canada cut its key overnight interest rate by a quarter percentage point to 4 percent and said further cuts were likely to be needed.

MORE U.S. RATE CUTS?

Even after the Fed's move, interest-rate futures markets showed a 74 percent chance of another half-percentage point reduction in U.S. rates next week. They also pointed to a federal funds rate of 2.25 percent by mid-year.
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