Significant Rate Cuts Across Europe; Oil Below $65; LIBOR Plunges to 4-Year Low

European Central Banks made deep cuts in interest rates today. The European Central Bank (ECB) cut rates by 50 basis points to 3.25%. The Bank of England made its biggest cut in 27 years, cutting its key interest rate by 150 basis points to 3.00%. 

Other banks which also lowered rates were the Swiss National bank, which cut by 50 basis points to 2.00% (second reduction since 2003), and the Czech Republic’s central bank cut rates by 75 basis points to 2.75%.

Libor Rates have also plunged to 4-year lows. The latest Libor Rates are as follows:

• 1-Month: 1.956%
• 3-Month: 2.506%
• 6-Month: 2.823%
• 1-Year: 2.968%

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