LONDON (MarketWatch) -- The Federal Reserve, the Bank of England, the European Central Bank and other major central banks cut interest rates Wednesday in a coordinated move to head off a major global slump. The Federal Reserve cut its key lending rate a half-point to 1.5%, while the ECB cut its key rate a half point to 3.75%. The Bank of England also cut its key rate by a half point to 4.5%.
