Coordinated rate cuts welcomed by White House, Obama, McCain

WASHINGTON (AP) - The Fed's latest move to thaw frozen credit is being welcomed by the White House and the two major party presidential candidates.

The Federal Reserve announced it was cutting its key rate by a half-point to 1.5 percent, in a rare coordinated move with other major central banks. The Bank of England also cut its rate by a half-point, as did the European Central Bank.

China, Canada, Sweden and Switzerland also cut rates. The White House calls it "important and helpful" that the central banks worked together to address the credit crisis. Barack Obama says "this is a global crisis that requires a global solution" and he supports the coordinated action, but he adds that "more urgent and vigorous action is necessary to stem" the crisis.

Meanwhile his Republican rival John McCain is expressing hope the action will contain the "financial crisis spreading across the globe."

Source: Associated Press