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Posted AT 7:33 AM EST on 08/10/08

Fed, Bank of Canada cut rates in co-ordinated action

JEANNINE AVERSA

The Associated Press

WASHINGTON — The Federal Reserve cut a key interest rate by half a percentage point Wednesday to steady an economy teetering on the kind of financial collapse that America suffered in 1929. The bank said it was acting in co-ordination with central banks in Canada, Europe, Sweden, Britain and Switzerland. Fed Chairman Ben Bernanke and his colleagues ratcheted down their key rate by 0.5 percentage point to 1.5 per cent.

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