I'll drop more news after the jump, but first, the banner headline. From the New York Times: Fed cuts key rate to a record low. First sentence:
The Federal Reserve entered a new era on Tuesday, lowering its benchmark interest rate virtually to zero and declaring that it would now fight the recession by pumping out vast amounts of money to businesses and consumers through an expanding array of new lending programs.
We aim to talk a lot more about this on today's podcast.
From the Financial Times: OPEC said to agree to record production cut/ Yen hits 13-year high against the dollar.
From the Korea Herald: Samsung cuts production of display panels for flat-screen TVs.
From the Atlanta Journal Constitution: Newell Rubbermaid to cut up to 1,000 jobs.
From the Washington Post: Two-thirds of Americans say they've been hurt by the recession/ SEC chief says agency ignored warnings about Madoff.