Central Banks Coordinate Global Cut in Interest Rates

In a move of unprecedented scope, the world’s major central banks lowered their benchmark interest rates Wednesday, a coordinated effortto halt a collapse of share prices and a freeze in credit markets that threatens to set off the first global recession since the early 1970s.
The action failed to calm gyrating markets, however, amid the growing realization that a serious and prolonged recession may be difficult to avoid.
http://www.nytimes.com/2008/10/09/business/09fed.html?bl&ex=1223611200&en=6c2c0d7539595be6&ei=5087%0A

The Fed’s benchmark short-term rate now stands at 1.5%.
The European Central Bank’s is 3.75%.
Australian Central Bank is 6%.