0.75% cut
It's 3.50am here, and the day has just started at the New York Stock Exchange.
Overnight the Federal Reserve Bank has announced a 3/4 percent interest rate cut.
It is the biggest cut by the bank in 18 years according to the New York Times this morning.
The Dow Jones is down more than 400 points, and if it goes down to a 10% fall trading may well and truly stop.
The Fed had an emergency videoconference overnight, a week out from the expected rate cut next week.
Watch this space, it is going to be an interesting day.