Central Banks Coordinate Cut in Rates - NY Times

[steve2470]

http://www.nytimes.com/2008/10/09/business/09fed.html?ref=us

Central banks around the world cut short-term interest rates by up to half a percent on Wednesday after investors across Asia and Europe unleashed waves of sell orders onto already depressed stock exchanges

The Federal Reserve, the European Central Bank and other central banks from Britain and Switzerland to Canada and China announced rate reductions within seconds of one another. The British government separately announced a plan to pump billions of pounds into the country’s leading banks as part of a plan that would result in considerably greater government influence over the financial sector there.

The Fed said in a statement that, because of weakening economic activity, it had cut the Federal funds target rate by half a percentage point, to 1.5 percent. It also cut its discount rate by the same amount. The vote was unanimous.

The European Central Bank cuts its benchmark rate to 3.75 percent, from 4.25 percent.

The moves had some initial effect on stock markets. European markets pared their heavy losses after the announcement, only to fall again. On Wall Street, investors showed little sense of direction.

more at link above

[donheld]

1. Excuse my ignorance, but

What or who are the "Central Banks?"