Uh, that coordinated rate cut not working out so far

[Celebration]

http://www.marketwatch.com/news/story/fed-major-central-banks-slash/story.aspx?guid=F140FF84-29B7-470B-B8E9-0B0BD73FBC7C&dist=SecMostRead

The world's major central banks moved in concert Wednesday to slash key interest rates as policy makers struggle to head off global financial turmoil that has threatened to throttle world economic growth.

In coordinated announcements, the Fed said it had cut its key lending rate by a half point to 1.5%.
The Frankfurt-based European Central Bank trimmed its key refi rate to 3.75% from 4.25%, while the Bank of England cut its key rate to 4.5% from 5%. The Bank of Japan sat out the move, but issued a statement backing the action.

"Incoming economic data suggest that the pace of economic activity has slowed markedly in recent months," the Fed said, in a statement. "Moreover, the intensification of financial market turmoil is likely to exert additional restraint on spending, partly by further reducing the ability of households and businesses to obtain credit."

Stock market futures were up at first, now down.

[tekisui]

1. And, they went back down fast.

They were down 145, then up 173, now down 175.

ugh.

[Celebration]

2. small moves for these times n/t