The US Federal Reserve on September 17 slashed interest rates between scheduled policy meetings in a bold bid to keep markets functioning in the aftermath of terror attacks in New York and Washington last week. In wording that underscored the central bank's determination to take urgent action to stabilise financial markets, the Fed said it was cutting the closely watched federal funds rate to 3 per cent from 3.50 per cent, its eighth rate cut this year. US Chairman of the Federal Reserve Alan Greenspan is shown during an appearance before the Senate Banking, Housing and Urban Affairs Committee in this February 13, 2001 file photo. —REUTERS