BUSINESS

Global Economy Shrugs At Massive OPEC, Fed Cuts

01/17/2009 05:12 am ET | Updated May 25, 2011

The global economic slowdown trumped even the biggest OPEC output cut ever on Wednesday as the measure aimed at boosting oil prices instead deepened the gloom over slumping world demand, sparking a sharp drop to a four-year low.

Euphoria the day before from the U.S. Federal Reserve's dramatic rate cut to near zero wore off even as several other countries from Europe to Asia followed suit by cutting rates.

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