The Fed cuts rates by 1/2%!

The United States Federal Reserve has apparently cut interest rates by 0.5% to 4.75%.

Stunning really.

I wonder if the Bank of England will follow suit, after all the governments favoured method of measuring inflation is down to 1.8% even if real inflation is at 4.1%.

The worry is that the central banks are all being hemmed in by this huge debt mountain so can't really deal with things like money supply.

The BBC has this.