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Federal Reserve cut not enough for US markets

The US Federal Reserve cut interest rates by 0.5 per cent to 5 per cent yesterday in an attempt to shore up confidence in the US economy.

But the move failed to satisfy US markets which had hoped for a larger cut. The Dow Jones Industrial Average fell 2.4 per cent to 9720, its lowest for two years, and the Nasdaq lost 4.8 per cent of its value.

The move puts the Bank of England monetary policy committee under renewed pressure to cut rates when it meets in early April.

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