As predicted, the Federal Reserve cut rates yesterday. However, the rate cut of 0.75% was not as high as the 1% expected by many.
To some extent, the markets have reacted positively in the short term to this cut. However, it will need to be backed up by coordinated central bank and government action around the world if the markets are to be stabilised.
Regrettably the UK and ECB are still sitting on their hands, like rabbits caught in the headlights they are frozen in panic.