Fed cut helps ease global sell-off

(01:53) Report

Jan 22 - An intense global sell-off which began in Asia and Europe loosened some of its grip on Wall Street after a surprise steep rate cut by the Federal Reserve.

The Fed's action took the key federal funds rate, which governs overnight lending between banks down to 3.5 percent, its lowest level since September 2005.

Conway Gittens reports.

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