The Fed slashes interest rates by 3/4% to 3.5%

The United States Federal Reserve has slashed interest rates not by 1/4 or 1/5 a percent by by 3/4. This is to send a clear signal to everyone.

We will have to see what effect it will have on the Dow as the markets open at 2PM. (those lazy Americans, not getting up until the afternoon!).

With a bit of luck this will stave off disaster and lead to a bit of a rally on other markets.

The BBC has this.