by Calculated Risk on 11/06/2008 08:47:00 AM

From Bloomberg: Bank of England Slashes Key Lending Rate to Lowest Since 1955

The Bank of England unexpectedly cut the benchmark interest rate by 1.5 percentage points to the lowest since 1955 as U.K. policy makers tried to limit damage caused by the worst banking crisis in almost a century.

That is an impressive rate cut.

The ECB cut too: ECB Cuts Interest Rate by Half Point to Counter Economic Slump

The European Central Bank lowered interest rates for the second time in less than a month to counter the euro region's worst economic slump in 15 years.

ECB policy makers meeting in Frankfurt reduced the benchmark lending rate by half a percentage point to 3.25 percent ...

The WSJ reports:

Switzerland's central bank joined in, cutting its key rate target by half a percentage point to 2% in an unusual between-meeting move.