The U.S. Federal Reserve unexpectedly joined its European and Japanese counterparts to intervene in the currency markets Friday in an effort to shore up the ailing euro.
The European Central Bank, the Federal Reserve and the Bank of Japan acted out of concern that the persistent weakness of the 11-nation European currency could hurt the global economy, the Fed and the other banks announced.
The Bank of England, outside the euro system since Britain has not joined the common currency, said it also took part in the intervention.
Experts viewed the Federal Reserve's participation as crucial. Talk about the possibility of intervention had been rife in Europe for some time, but the U.S. central bank had been seen as reluctant to get involved in an election year.
KeyCorp downsizing continues
CLEVELAND (AP) -- KeyCorp, which has operations in the Buffalo area, said Thursday it is moving ahead with the second phase of previously announced job cuts that will eliminate about 2,300 jobs, about 10 percent of its work force, over the next 15 months.
About 10 months ago, the banking and financial services company said it would cut 3,000 jobs, or 11 percent of its coast-to-coast work force, with the goal of improving profits in 2002. Hundreds of jobs have already been cut, and the company said it was ready to move ahead with the next phase.