The US Federal reserve, the central banking authority, has taken the drastic step of cutting down the bank rates to near zero levels. This has been forced on it rather, due to the continuing flow of pathetic economic data. First and foremost there is no credit flowing to key industries like Automobiles, consumer durables and retail business.

The US FED is now expected to start buying credit instruments directly from highly rated corporates, so that banks will be forced to lend to other companies and industries. God save all of us from a world wide recession at the earliest.