Central Banks Make Coordinated Rate Cut

Updated from 8:37 a.m. EDT

The Federal Reserve, the European Central Bank and other major central banks cut interest rates Wednesday in a coordinated effort to stem the global financial crisis.

The Fed cut its key lending rate a half-point to 1.5%, and the ECB cut its key rate a half point to 3.75%. The Bank of England cut its key rate by a half point to 4.5%. The central banks of Canada, Sweden and Switzerland also reduced rates.

The Bank of Japan expressed its strong support of these policy actions, the Fed said in a statement. ...