The day of interest rates cut. The two leading European banks and Canada cut the interest rates with half percent. First Bank of Canada cut the interest rates with 0.5% to 0.50%. European Central Bank followed bank of Canada with 0.5% cut to 1.50% and Bank of England with 0.5% to 0.50%. The levels are at record low for the banks. The decision was forecasting by the market experts. ECB cut the interest rates after the new forecast for expecting inflation in the Euro Zone for 2010 at 1.00% from the current 1.8%. Bank of England also decide to print money to buy assets. Bank of England will pump money into the economy by purchasing as much as 150 billion pounds, in government and corporate bonds.
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