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Federal Reserve lowered interest rate on US dollar swaps to ease funding
for European financials. Fed cut interest rate from 100 b.p. to 50 b.p. and extended the
program to February 2013. Fed's action is an attempt to ease pressure in the world's
markets and stimulate central banks' capability to back international financial
system. Federal Reserve will cooperate with 5 leading banks including Bank of
England, Bank of Japan, Swiss National bank, Bank of Canada and ECB.