ARI SHAPIRO, Host: NPR's business news starts with the Fed cutting interest rates. This is the latest dramatic attempt to steady financial markets. The Federal Reserve cut a key interest rate by half a percent this morning. The Fed coordinated its actions with central banks in Europe, which also cut rates. The rate cut comes after huge tumbles in Asian stock markets today. Japan's main index plunged nearly 10 percent.
Panic and pessimism are the operative words these days in the global financial world. Following Tuesday's steep drop in U.S. markets, stock investors throughout Asia headed for the exits. Japan's Nikkei Average lost close to 10 percent. Indonesia's main index lost more than 10 percent.