World's first globally coordinated rate cuts by Alia McMullen, Finacial Post

October marked the world's first globally coordinated interest rate cut, with the Bank of Canada, the U.S. Federal Reserve, the Bank of England, the European Central Bank, the Bank of Sweden and the Swiss National Bank all cutting 50 basis points from their key policy rate on October 8. The Bank of Canada cut a further 25 basis points at its regular meeting on Oct. 21, taking rates down to 2.25%, while the Fed made a second 50-basis-point cut in the month, chopping rates to just 1%. Australia, New Zealand, China, South Korea, India and Japan also cut their benchmark interest rate, with rates now as low as 0.3% in Japan. However, some troubled countries such as Hungary and Denmark, hiked rates as the value of their currencies plunged.