Unprecedented Interest Rates Cut

In an unprecedented move, the U.S Federal Reserve announced an emergency interest rate cut by 0.5% in both the Fed Funds rate and discount rate, along with other central banks. European Central Bank, Bank of England, Switzerland, Canada, Sweden and Hong Kong Monetary Authority all cut their official interest rates by 0.5%.

This move followed Australia's move to cut interest rates by 1.0% the day before.

Question is, will this be sufficient to lift the current gloom and doom?

Personally, it still doesn't rectify the fundamental flaw in the current financial systems. However, some small portion of confidence could be restored and hopefully this will strengthen both business and consumer confidence going forward.